UAE finalises landmark free trade deal with Colombia

The agreement is the first bilateral trade deal between the Gulf and South America

By Reuters

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Published: Sat 2 Dec 2023, 1:30 PM

The UAE said on Saturday it has concluded the terms of a trade deal with Colombia, which it called the first such bilateral agreement between the Gulf and South America.

"The UAE and Colombia have concluded the terms of a Comprehensive Economic Partnership Agreement (Cepa) – the first bilateral trade deal between the Gulf and South America," Thani Al Zeyoudi, UAE minister of State for Foreign Trade, wrote on X.

"We can look ahead to a new era of cooperation that will deliver growth for both nations."

The UAE currently accounts for nearly 50 per cent of Colombia's trade with Gulf nations — with non-oil trade hitting 120 per cent in the first half of 2023. This amounts to $389 million, which is equivalent to the the total recorded for 2022, Al Zeyoudi said.

"Our Cepa will drive figures further by improving market access, cutting tariffs and removing trade barriers," he added.

Al Zeyoudi gave no further details of the deal.

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