The United Arab Emirates and Colombia have recently come to an agreement on a Comprehensive Economic Partnership Agreement (CEPA) that has the potential to significantly boost trade and collaboration between the two nations. The implementation of this agreement will result in the removal or reduction of tariffs on the majority of product lines, the elimination of trade barriers, and improved market access across a wide range of sectors.

According to comments made by Al Zeyoudi, Colombia’s status as the fourth-largest economy in South America and a major exporter of coffee makes it an attractive partner for the UAE. The CEPA will serve as a new bridge between the two regions, providing access to dynamic markets home to over 800 million consumers. Additionally, the deals aims on doubling the UAE’s GDP in the next decade, as part of a broader effort to build a diversified and knowledge-driven economy.

Umaña also expressed satisfaction with the agreement, noting its balanced outcome that benefits both nations. The deal promotes the exchange of goods and services while upholding environmental standards and prioritizing the protection of biodiversity and natural habitats.

The UAE and Colombia officially established diplomatic relations in 1976, a relationship that has continued to grow over the years. Bilateral trade between the two countries reached a record high in 2022, with non-oil trade exceeding US$380 million. In the first half of 2023, non-oil bilateral trade saw a 120 percent increase compared to the same period in 2022. This represents a promising sign of the economic potential of the new CEPA.