In a historic move, the UAE and Colombia sealed the Comprehensive Economic Partnership Agreement (Cepa) terms, marking the first-ever bilateral trade deal between the Gulf region and South America.

A Milestone Collaboration:

Thani Al Zeyoudi, UAE’s Minister of State for Foreign Trade, announced the successful conclusion of the Cepa, setting the stage for an unprecedented level of economic cooperation between the two nations.

Substantial Trade Impact:

The UAE presently contributes nearly half of Colombia’s trade with Gulf countries, achieving a remarkable surge of 120% in non-oil trade during the initial half of 2023. 

Al Zeyoudi highlighted this significant progress, noting that the trade volume, amounting to $389 million, had already matched the total figure recorded for 2022.

Enhancing Trade Prospects:

The Cepa is anticipated to increase these figures by bolstering market access, reducing tariffs, and eliminating trade barriers. 

Al Zeyoudi expressed optimism about the agreement’s potential to substantially enhance trade relations between the UAE and Colombia.