2024-04-19 17:23:50
The Ministry of Commerce of Colombia and the Ministry of State for Foreign Trade of the United Arab Emirates announced the signing of the Comprehensive Economic Partnership Agreement. This agreement, the result of two years of negotiations, marks a step in trade relations between both countries and promises to open new opportunities in various economic sectors.
The Comprehensive Economic Partnership Agreement (CEPA) is the first agreement of this nature that Colombia signs with Arab countries, which represents a gateway to high-growth markets and opportunities in key sectors such as manufacturing and agribusiness. The United Arab Emirates annually imports around US$19 billion in agricultural products and food from around the world, while Colombia has exported non-mining goods worth US$34.3 million in 2023.
During the negotiation process, the Colombian team not only defended the country’s interests, but also maintained constant dialogue with the productive sectors and relevant government entities, thus ensuring an equitable and beneficial agreement for all parties involved.
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Minister Umaña Mendoza expressed his satisfaction with the signing of this agreement, highlighting its alignment with the foreign trade and sustainable development policies of the Colombian Government. He stressed the importance of the United Arab Emirates as a strategic partner for attracting sustainable investments and diversifying the Colombian exportable offer.
For his part, Minister Al Zeyoudi emphasized the positive impact that this agreement will have on economic relations between both countries, opening new opportunities for exporters and investors from the United Arab Emirates in Colombia and vice versa. He highlighted the importance of strengthening ties in sectors such as aviation, renewable energy, environment and tourism.
The CEPA covers 19 chapters that include topics such as access to goods markets, sanitary and phytosanitary measures, rules of origin, trade defense, economic cooperation and responsible tourism, among others. One of the highlights of the agreement is the elimination of the tariff for 85% of Colombian products entering the UAE market as soon as it comes into force.
This agreement will also contribute to the strengthening of small and medium-sized companies in Colombia, promoting their integration into regional and global supply chains.
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