UAE, Colombia sign major trade pact

The UAE and Colombia have signed a Comprehensive Economic Partnership Agreement (CEPA).

The pact aims to enhance bilateral trade flows by cutting tariffs, removing barriers and improving market access for both merchandise and service exports.

It will also open pathways for investment and joint ventures in sectors such as energy, environment, hospitality, tourism, infrastructure, agriculture and food production.

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and his Colombian counterpart Gustavo Petro witnessed the signing of the agreement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and German Umaña, Colombia's Minister of Industry, Commerce and Tourism.

The agreement follows an impressive increase in bilateral non-oil trade, which climbed 43 per cent to reach an all-time high of $53.1 million in 2023 – more than double the total achieved in 2021.

Similar 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, which reached a record AED 2.6 trillion (AED 3.5 trillion including trade in services) in 2023.

Deals with Congo-Brazzaville, Costa Rica, Georgia, Kenya, Mauritius, and South Korea have also been concluded.