UAE - Mubasher: The UAE and Chile cemented trade ties, signing a comprehensive economic partnership agreement (CEPA) during a visit by Chilean President Gabriel Boric to Abu Dhabi.

Witnessed by UAE President Sheikh Mohamed bin Zayed, the CEPA aims to triple non-oil trade to $900 million by cutting duties and facilitating flows, according to the Emirates News Agency (WAM).

It provides opportunities for private sectors on both sides and establishes a trade and investment gateway to South America.

Sheikh Mohamed said the UAE will continue developmental pacts globally through its CEPA programme for long-term growth. 

President Boric welcomed the agreement as boosting prospects and diversifying investment sources, including sustainability.

The CEPA is the second such UAE pact with South America, following Colombia in building on record $701 billion non-oil trade in 2023.