The UAE and Colombia have signed a Comprehensive Economic Partnership Agreement (CEPA) in order to enhance bilateral trade flows and open new pathways for investment and joint ventures in multiple sectors.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and German Umaña, Minister of Industry, Commerce and Tourism for Colombia, signed the agreement.
Gustavo Petro, President of the Republic of Colombia, and Dr. Thani Al Zeyoudi affirmed that the Comprehensive Economic Partnership Agreement is a significant milestone in UAE-Colombia relations, as their bilateral non-oil trade reached $553.1 million in 2023, a record increase of 43 percent compared to 2022 and more than double the total achieved in 2021.
The CEPA is expected to double these figures within five years of its implementation by reducing customs tariffs, removing trade barriers, and improving market access for exports of goods and services.
Further, the agreement will also open up avenues for investment and joint ventures in sectors, such as energy, environment, hospitality, tourism, infrastructure, agriculture, and food production.
The CEPA between the UAE and Colombia comes within the framework of the UAE’s Comprehensive Economic Partnership Program. Furthermore, it is the latest pillar of the UAE’s CEPA program, which aims to raise the value of the country’s non-oil foreign trade to approx. $1 trillion (AED 4 trillion) by 2031.
The agreements with India, Israel, Indonesia, Turkey, and Cambodia are now in full operation and are already making a significant contribution to the UAE’s non-oil foreign trade, as per the reports.
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