Chile's Gabriel Boric, 37, lost control of his key reform of the country's constitution reform process to the far-right and has battled rising crime and inflation
AFP

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Chilean President Gabriel Boric Font witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the two nations on Monday.

The agreement, which was signed during Chilean President's official visit to the UAE, aims to boost trade between the UAE and Chile by cutting or removing taxes, eliminating trade barriers and making customs procedures easier.

It also aims to open up new investment opportunities and foster partnerships between businesses in both countries. The agreement was signed at a ceremony in Qasr Al Watan, Abu Dhabi, by UAE Minister Dr. Thani bin Ahmed Al Zeyoudi and Chilean Foreign Minister Alberto van Klaveren.

The UAE President stated that the country will keep working to build global partnerships that benefit everyone and create opportunities for future generations. The Middle Eastern country believes in strengthening cooperation among nations for a future of peace, stability and prosperity.

Al Nahyan noted that the UAE wants to grow its global trade and investment partnerships through its CEPA program, which will help diversify the economy and support long-term growth, WAM reported.

He pointed out that the new agreement with Chile will boost economic growth for both countries by creating more business opportunities and helping private companies expand. It will also open up important trade and investment connections with South America, which has strong economic potential.

Boric Font, on the other hand, also welcomed the new trade agreement between the UAE and Chile, calling it a big step forward in their relationship. He said the agreement will increase trade and bring more investment, especially in sustainability.

The Chilean President also mentioned that since their relationship began in 1978, the UAE and Chile have shown how important international cooperation is. In 2023, non-oil trade between the two countries reached $306 million and both countries aim to triple that amount by the end of 2030.

During the visit, Al Nahyan and Boric Font also announced several agreements to boost cooperation between the UAE and Chile. These agreements focus on areas such as food security, agrifood investments, information technology, peaceful space research and mining.

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