"UAE and Chile CEPA: Impact on Business Communities and Sectors"

31 Jul, 2024

"UAE and Chile CEPA: Impact on Business Communities and Sectors"

Dubai International Chamber has emphasized the need to enhance investment and trade ties between Dubai and Chile following the signing of the Comprehensive Economic Partnership Agreement (CEPA). This focus on expanding opportunities across various economic sectors was highlighted during a business forum at Dubai Chambers' headquarters. The event, attended by Chilean President Gabriel Boric Font and a high-level delegation, underscored the deepening bilateral relations and the commitment to advancing economic collaboration.

President Boric Font highlighted the progress in UAE-Chile relations and the potential for further expansion. Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, reaffirmed the support for Chilean companies to leverage Dubai’s global trade and logistics advantages. This includes Dubai’s significant role in foodstuffs trade through its world-leading logistics hub, offering Chilean companies a strategic gateway to global markets.

Non-oil trade between Dubai and Chile has reached AED 5.3 billion over the past five years, and Dubai's FDI in Chile totals US$ 45 million. A strategic Memorandum of Understanding (MoU) was signed to enhance trade and investment cooperation, with both Dubai Chambers and Chile’s ProChile committed to creating business opportunities and facilitating bilateral trade. The MoU will drive joint initiatives in trade, innovation, and sustainability, aiming to diversify and expand commercial exchanges between the two countries.