The UAE signed an economic and trade agreement with Colombia in the latest in a series of agreements aimed at boosting the UAE’s non-oil foreign trade, Wam reported on Thursday. The countries’ trade hit an all-time high of USD 53.1 mn in 2023, with the two countries cooperating in a variety of sectors, including renewable energy, aviation, hydrogen, freezones, and AI.

With an eye on big green funds: Colombia aims to reel in USD 600-700 mn in investments in sectors including green hydrogen and the digital economy, Wam reported on Thursday, citing Columbia’s Trade, Industry, and Tourism Minister Germán Mendoza. The agreement aims to bolster trade and services between Colombia and the UAE by eliminating or reducing tariffs on most products and removing unnecessary trade barriers. The agreement should also enable the adoption of biodiversity standards and focus on nature reserves.

UAE also inked a CEPA agreement with Costa Rica: The UAE and Costa Rica have signed a Comprehensive Economic Partnership Agreement (CEPA) agreement to boost bilateral trade and investments, Wam reported on Thursday. The CEPA aims to eliminate tariffs, reduce trade barriers, and promote the exchange of goods, capital, and ideas to foster cooperation in the private sector. The CEPA provides the UAE with enhanced market access, making 98% of tariff lines duty-free or with reduced tariffs for sectors including aluminum, polyethylene, and heavy machinery. It also opens up opportunities for Emirati service providers in the Costa Rican market across numerous sectors like renewable energy, food security, education, and manufacturing.

ALSO-The UAE is looking to boost ties with Uzbekistan across the energy, renewable energy, infrastructure, and transport sectors, Energy and Infrastructure Minister Suhail bin Mohammed Al Mazrouei said during a high-level visit to Uzbekistan, Wam reports. Al Mazrouei met with senior Uzbek officials, including the foreign minister, investment minister and deputy prime minister. The Abu Dhabi National Energy Company (Taqa) is considering investing in renewable energy projects in Uzbekistan, Al Mazrouei also said.

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