UAE, Colombia complete phase one of economic partnership agreement
With the deal in place UAE and Colombia expect trade to increase by three-fold
Dubai: The UAE and Colombia announced that they have completed phase one of their Comprehensive Economic Partnership Agreement.
The Ministry of Economy said they are continuing joint efforts to reach a final draft of the agreement aimed at serving their mutual objectives. The agreement is expected to be finalised in three months, it added.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said Colombia is the third leading economy in Latin America, a key coffee producer and a gateway for UAE-based companies to leverage promising economic opportunities in the region. He said that the UAE-Colombia CEPA will be a significant driver for businesses in both countries.
Al Zeyoudi stressed that the agreement is part of the country’s programme to form economic agreements with many countries and is a key driver of its efforts to bolster its openness to the world. The move aims to double its GDP in the coming decade, following the launch of the Principles of the 50 and the Projects of the 50.
The UAE is the main trading partner of Colombia in the Arab world, with their trade exchange accounting for 40 per cent of Colombia’s trade with the region in 2020. UAE-Colombia non-oil trade was valued at Dh991 million last year. Under the partnership, the two sides expect this figure to increase three-fold in the years to come.
As part of the UAE-Colombia CEPA, the two countries will also reduce or cancel customs tariffs on a wide range of goods, increase access to their markets, encourage mutual investments, create job opportunities and enlarge the scope of their cooperation in priority sectors. This includes hospitality, tourism, infrastructure, agriculture and food production.
Phase one of the agreement includes key areas, including exchange of goods and services, customs procedures, rules of origin, and others.