Ministers and officials praise the comprehensive economic partnership agreement between the UAE and Colombia
Abu Dhabi, April 19 / WAM / Ministers and officials of the UAE government stressed the importance of the comprehensive economic partnership agreement that the country signed with Colombia, as it establishes a new era of constructive cooperation in various economic, trade and investment sectors with one of the strongest economies on the South American continent.
The agreement signed by the UAE with Colombia – the fourth largest economy in South America – aims to raise the rates of free flow of trade and investment between the two countries and open paths for investment in the sectors of energy, environment, hospitality, tourism, infrastructure, agriculture and food production.
The signing of the agreement comes as a continuation of the UAE’s plans to double its non-oil foreign trade to 4 trillion dirhams, and to increase exports to reach 800 billion dirhams by 2031.
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, confirmed that the agreement reflects the UAE’s efforts to strengthen its position as a global center for business, finance and innovation, and provide more incentives to the global investment community, in an effort to grow within our business system.
His Excellency said, “The Comprehensive Economic Partnership Agreement between the UAE and Colombia embodies the growing relations between the two countries and their regional environment, as we are united by our commitment to growth, diversification and taking advantage of our resources to create a modern, flexible and technologically advanced economy that has the ability to generate a wealth of opportunities in the coming decades.”
He added, “The agreement forms part of the UAE’s efforts to strengthen its position as a global center for business, finance and innovation, and to provide more incentives to the global investment community, in an effort to grow within our business system.”
For her part, Her Excellency Reem bint Ibrahim Al Hashemi, Minister of State for International Cooperation, confirmed that the Comprehensive Economic Partnership Agreement between the UAE and Colombia strengthens the relationship with one of the most important and promising economies in South America.
Her Excellency said, “Trade remains a major source of stimulating the growth of the UAE’s economy, and by expanding the network of the country’s strategic trading partners around the world, the UAE’s foreign trade strategy builds new bridges of opportunity to vital and promising markets on all continents, and leads us to a new era of economic prosperity.”
She added, “The Comprehensive Economic Partnership Agreement between the UAE and Colombia strengthens our close relationship with one of the most important and promising economies in South America. The agreement will link the business community and the private sector in the country to a new major market and will open the horizons of the entire continent to Emirati exports of goods and services. The agreement also confirms the role of the UAE as a major driver of trade exchange.” world and an active center for international trade.
For his part, His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, said: “The signing of the Comprehensive Economic Partnership Agreement between the UAE and Colombia represents a new pillar of the economic growth agenda that the country continues to implement. The agreement stems from the growing bilateral cooperation in vital fields, including renewable energy and during the Amazon Summit.” In 2023, the UAE supported Colombia’s ambitious efforts within the energy transition, and the agreement will now help pave the way for strategic investments in solar and wind energy projects, and accelerate the acquisition of more knowledge within that essential area.”
His Excellency added, “This cooperation embodies our joint commitment to achieving lasting economic security, stability and prosperity for the two friendly countries, and developing sustainable national economic growth in them.”
For his part, His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said, “The Comprehensive Economic Partnership Agreement between the UAE and Colombia is in line with the vision of the wise leadership to build bridges of communication and cooperation with the international community in order to enhance comprehensive and sustainable economic and social growth. This agreement is also an important new milestone in the efforts of Expanding the country’s trade and investment partners around the world, and providing mutual opportunities and benefits for companies, importers, exporters, manufacturers and all concerned within the value chain in the two friendly countries.”
His Excellency added, “The UAE has shown a firm commitment to concluding strong and constructive partnerships in its quest to achieve diversification and economic growth. Colombia provides multiple opportunities for cooperation with the private sector, which opens new horizons for creating additional value to the knowledge-based sectors of the national economy, and accelerates efforts towards achieving the goals of the National Strategy for Industry and Technology.” Developed “300 Billion Project”.
For his part, His Excellency Abdullah bin Touq Al Marri, Minister of Economy, said: “Thanks to the directives of its wise leadership, the UAE is adopting an open economic approach that relies on concluding more global partnerships with countries that share the UAE’s vision of adopting the economy of the future in the most important regions around the world, and building bridges of opportunities that can stimulate… Sustainable economic growth, accelerating trade, and opening the doors to strategic investments, partnerships with the private sector, and cooperation between small and medium enterprises.”
His Excellency added, “Colombia has the fourth largest economy in South America, and continues to embrace sectors of the new economy based on knowledge, innovation, and advanced technology. Colombia is characterized by tremendous opportunities and multiple aspects of integration with the UAE economy, and is located in a region that is considered one of the most important new centers for global economic growth. We view it positively.” To cooperate with our partners in Colombia at the government and private sector levels to ensure that we maximize the benefits of this wide-ranging agreement and inaugurate a new era of prosperity and prosperity for the peoples of the two friendly countries.”
For her part, Her Excellency Dr. Amna bint Abdullah Al Dahhak, Minister of Climate Change and Environment, said, “The signing of the Comprehensive Economic Partnership Agreement between the UAE and Colombia strengthens cooperation in important areas such as agriculture, food security, climate technology, and the preservation of natural resources. This cooperation is of particular importance given the aspiration of… The UAE will work with Colombia in confronting the challenges related to climate change and environmental conservation efforts. Sharing knowledge and experiences between the two parties will enable them to overcome the challenges of climate change and will establish a platform for strategic cooperation in the field of food security.”
For his part, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the Comprehensive Economic Partnership Agreement between the UAE and the Republic of Colombia launches a new era of trade and investment partnership between the two countries.
His Excellency added that the agreement establishes a platform for deeper economic integration between the business communities and the private sector on both sides across a group of priority sectors.
He pointed out that the agreement contributes to providing many investment and trade opportunities in addition to stimulating trade flows between the two sides and contributing to building a flexible and effective supply chain network that benefits the economies of the two countries.
His Excellency stressed that the Comprehensive Economic Partnership Agreement between the UAE and Colombia will provide the UAE with a high level of access to the Colombian and South American markets by reducing or eliminating customs duties, enhancing market access, and enabling joint projects.
He said that the agreement contributes to opening new paths for investment in areas including energy, advanced technology, health care, tourism and the environment, and also provides a group of promising opportunities for the private sector in the Emirates.
He added that the agreement allows industrial companies, investors and exporters in the UAE to be linked to the fourth largest economy in the South American continent. It also builds on a solid base of thriving non-oil trade, which reached $553.1 million in 2023, a record increase of 43% compared to 2022 and more than double. The total witnessed in 2021 highlights the extent of the opportunities that the Comprehensive Economic Partnership Agreement between the UAE and Colombia will provide.
For his part, His Excellency Ahmed Ali Al Sayegh, Minister of State, said, “The signing of the Comprehensive Economic Partnership Agreement with Colombia reflects the UAE’s belief in the importance of constructive cooperation between countries and growth centers. The agreement, signed with a country that possesses one of the largest promising economies in South America, contributes to strengthening economic, technological and diplomatic relations.” With the continent of South America, which occupies a very important strategic position, it will also promote projects that stimulate economic growth, improve living standards, and provide job opportunities of high value and quality.” For his part, His Excellency Khalid Mohammed Salem Al-Amaa, Governor of the Central Bank of the United Arab Emirates, said, “The Comprehensive Economic Partnership Agreement with Colombia is an important step to enhance bilateral trade, investments and the economic environment in the two countries to enhance comprehensive development plans and support the growth path in all fields, especially in the financial services sector.”
He added, “By signing the partnership agreement with Colombia, the UAE looks forward to expanding the foreign market base for Emirati institutions and companies in various sectors, in addition to developing financial cooperation between the two countries, especially in the areas of modern financial technology and advanced technologies in cross-border payments, which contributes to achieving the vision.” “The strategy for the wise leadership and strengthening the UAE’s leading position globally.”
His Excellency Major General Suhail Saeed Al Khaili, Director General of the Federal Authority for Identity, Citizenship, Customs and Ports Security, said: “Concluding the Comprehensive Economic Partnership Agreement with Colombia will stimulate trade, investment and mutual flows of goods and services between the two friendly countries, and will enhance the role of the UAE as a main gateway to facilitate the flow of trade around the world, especially between high-income countries.” Potential in the Global South.
His Excellency added, “By reducing or eliminating customs duties on the majority of goods, the agreement will stimulate all forms of trade and re-export in particular, which is an increasingly important element in the country’s foreign trade. The agenda of the comprehensive economic partnership agreements adopted by the UAE is based on facilitating and simplifying trade, and we look forward to providing access to To the markets for exporters in the two countries.”
His Excellency Abdullah Mohammed Al Basti, Secretary General of the Executive Council of the Emirate of Dubai, said: “The conclusion of a comprehensive economic partnership agreement by the UAE and the Republic of Colombia is a qualitative leap in the process of economic cooperation between the two friendly countries, as they are among the most important global logistical centers that connect the world and stimulate trade in goods and services and investment flows.” “This translates the vision of our wise leadership in opening up and expanding to new markets, especially in South America, which is one of the centers of future economic growth.” His Excellency added, “This agreement will consolidate the UAE’s position as a global center for trade and a major gateway for the flow of goods, merchandise, and services to the continents of Africa, Asia, Europe, and South America. The world-class infrastructure in Dubai and the country, and its exceptional interconnection with the world’s markets by sea, air, and land, will enable Colombian companies to Access to new partners and markets, while Colombia’s technologically advanced business ecosystem will provide a range of promising opportunities for the country’s business community and private sector.”
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