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The UAE and Chile inked an economic partnership yesterday aimed at boosting bilateral investments and private sector partnerships, as well as trade between the countries, Wam reports. The agreement marks the UAE’s second economic partnership with a South American country following the agreement signed with Colombia in April.
The agreement will eliminate tariffs for 99.5% of UAE imports from Chile, paving the way to achieve the countries’ target of doubling non-oil trade to USD 750 mn by 2030, up from USD 306 mn last year, Wam wrote. UAE exports to Chile are projected to rise by USD 247 mn by the end of the decade, according to UAE estimates.
Background: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and Chile’s Foreign Minister Alberto van Klaveren concluded negotiations on the trade and economic agreement between the two countries last April.
The signing took place during Chilean president Gabriel Boric Font’s landmark visit to the UAE — the first by a Chilean president to the UAE since the two countries established diplomatic relations in 1978, Wam reports. Discussions focused on commercial, investment, and developmental cooperation between the two countries.
Several MoUs were signed during the visit, covering food security, agrifood investment, cooperation in investment and information technology, and space research. The two countries also signed a declaration of intent to collaborate in the field of mining.
The talks highlighted the two countries’ mutual interest in renewable energy, digital economy, and climate action. The two presidents also reviewed progress on the Bi-Oceanic Corridor, announced during Cop28 last year by the UAE, Chile, Brazil, Paraguay, and Argentina. The railway is set to enhance trade in South America as it will span the full width of the continent, from Brazil to Chile.
REMEMBER- The UAE is in talks with Japan and Malaysia to finalize the terms of bilateral trade agreements, with up to seven pacts set to be inked before year-end, in addition to seven more agreements pending final ratification, Al Zeyoudi said earlier this month. This month alone, the UAE formalized its trade pact with Mauritius, and concluded negotiations with Morocco on the terms of the agreement.
