UAE-Colombia bilateral non-oil trade reached an all-time high of $53.1 million in 2023
The UAE and Colombia have signed a Comprehensive Economic Partnership Agreement (CEPA), which aims to enhance bilateral trade flows and open new pathways for investment and joint ventures in multiple sectors.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade,and German Umaña, Minister of Industry, Commerce and Tourism for Colombia, signed the agreement.
Enhancing trade and investment
The UAE-Colombia agreement aims to enhance bilateral trade flows by cutting tariffs, removing trade barriers, and improving market access for both merchandise and service exports. Moreover, it seeks to enhance investment and joint ventures in sectors such as energy, the environment, hospitality, tourism, infrastructure, agriculture, and food production.
The deal follows a remarkable increase in bilateral non-oil trade between the two nations, which saw a 43 percent surge to an all-time high of $53.1 million in 2023. Moreover, the UAE and Colombia have signed multiple agreements in the last few years encompassing aviation, renewable energy, the environment, hydrogen, travel, free zones and artificial intelligence.
Speaking at the occasion, President His Highness Sheikh Mohamed bin Zayed Al Nahyan highlighted the importance of the agreement in advancing the UAE’s non-oil foreign trade beyond its goal of AED4 trillion by 2031. Sheikh Mohamed added that Colombia’s high-growth and technology-focused economy will provide a range of opportunities for private-sector collaboration.
Access to South America
Following the recent agreement with Costa Rica, Al Zeyoudi stated that the CEPA will grant the UAE extensive access to the Colombian market and the South American markets as a whole. Hence, it reduces or eliminates customs duties, enhancing market access, and empowering joint ventures.
The agreement with Colombia is the latest addition to the UAE’s CEPA program. It follows agreements with India, Costa Rica, Indonesia, Türkiye and Cambodia. The program has significantly contributed to the UAE’s non-oil foreign trade, which reached a record AED2.6 trillion in 2023. The UAE has also concluded agreements with Congo-Brazzaville, Georgia, Kenya, Mauritius, and South Korea.
Source: economymiddleeast