Thani Al-Zayoudi for"Wham": The comprehensive economic partnership between the UAE and Colombia launches a new era of trade and investment cooperation
Bogotá – Colombia, April 19, 2017 – 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 cooperation between the two countries.
His Excellency added in a statement to the Emirates News Agency, WAM, today, on the sidelines of the signing of the Comprehensive Economic Partnership Agreement in the Colombian capital, Bogota, that the agreement establishes a platform for 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 building a flexible and effective supply chain network that benefits the economies of the two countries.
He 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.
Dr. Thani bin Ahmed Al Zeyoudi said that the agreement opens 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.
His Excellency added: “The agreement with the Republic of Colombia allows linking industrial companies, investors and exporters in the UAE with the fourth largest economy in the South American continent, and it also builds on a solid base of thriving non-oil intra-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, this highlights the extent of the opportunities that the Comprehensive Economic Partnership Agreement between the UAE and Colombia will provide.”
The Comprehensive Economic Partnership Agreement between the UAE and Colombia is an important new milestone in the process of expanding the base of the country’s trading partners around the world, as it aims to enhance intra-trade flows by reducing customs tariffs, removing trade barriers, and improving market access for both exports of goods and services, while opening paths for investment and projects. Common in sectors such as energy, environment, tourism, infrastructure, agriculture and food production.
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