Image credit: Emirates News Agency
The UAE and Colombia have signed a Comprehensive Economic Partnership Agreement (CEPA), as part of the Gulf state’s foreign trade agenda that seeks to advance bilateral trade flows, remove trade barriers, and improve market access for both merchandise and service exports.
The signing, which was witnessed by President Sheikh Mohamed bin Zayed Al Nahyan and his Colombian counterpart, is expected to open pathways for investment and joint ventures in strategic sectors such as energy, tourism and hospitality, and food production.
The trade pact follows a significant increase in bilateral non-oil trade, which surged by 43 per cent to reach a record $53.1m in 2023 – more than double the total achieved in 2021.
Today I joined President Gustavo Petro to witness the signing of a Comprehensive Economic Partnership Agreement between the UAE and Colombia. Our two countries share a common vision of creating a prosperous and sustainable future for our people, and this agreement paves the way… pic.twitter.com/x3iS7ktujH
— محمد بن زايد (@MohamedBinZayed) April 18, 2024
President Sheikh Mohamed heralded the CEPA agreement as an important contribution to the UAE’s foreign trade approach, which seeks to boost non-oil trade beyond Dhs4tn by 2031.
The CEPA agreement will open a promising new chapter in deepening economic ties between the two nations, enabling businesses to benefit from access to each other’s markets, the UAE President said during the signing ceremony.
“This agreement paves the way for a new era of cooperation and mutual economic growth,” President Sheikh Mohamed said in a post on social media platform X.
UAE’s bilateral trade deals
Meanwhile, the UAE has initiated a raft of bilateral trade, investment and cooperation deals since 2021 to bolster efforts aimed at diversifying income sources and economic sectors.
The CEPA agreement with Colombia came a day after the UAE signed a similar agreement with Costa Rica.
Bilateral trade agreements with India, Israel, Indonesia, Türkiye, and Cambodia are now in full operation and are already making a significant contribution to the UAE’s non-oil foreign trade, which reached a record Dhs2.6tn – Dhs3.5tn including trade in services – in 2023.
The country also concluded trade pacts with Congo-Brazzaville, Costa Rica, Georgia, Kenya, Mauritius, and South Korea.