UAE and Colombia finalise terms of Comprehensive Economic Partnership Agreement

UAE and Colombia finalise terms of Comprehensive Economic Partnership Agreement

Once implemented, the CEPA with Colombia will remove or reduce tariffs on the majority of product lines, eliminate unnecessary barriers to trade, improve market access, and deepen collaboration across energy, environment, digital trade, financial services, telecommunications, hospitality, tourism, infrastructure, agriculture and food production.

Commenting on the agreement, Al Zeyoudi said, “Colombia is the fourth-largest economy in South America, a major exporter of coffee and a gateway for UAE-based companies to access the enormous benefits offered by the region. This deal provides a significant boost to business and friendship between our nations and we are excited about the benefits it will bring. With the CEPA in place, our private sectors will benefit from a new bridge to South America and the Middle East – dynamic markets home to more than 800 million consumers.

“The CEPA model is central to our efforts to double the UAE’s GDP in the next decade. And as we continue to build a resilient and highly diversified knowledge-driven economy, forging stronger trade and investment ties with major partners, such as Colombia, is a key pillar of this strategy,” he added.

German Umaña said, “We are pleased to announce the successful conclusion of the CEPA negotiations. This agreement