Colombia and the United Arab Emirates Sign Historic Free Trade Agreement, Deepening Economic Bond

 

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The Comprehensive Economic Partnership, the first-ever free trade agreement, was signed by the governments of Colombia and the United Arab Emirates (UAE), making history. The historic deal was reached during a virtual conference between Presidents Gustavo Petro of Colombia and Sheikh Mohamed Bin Zayed Al Nahyan of the United Arab Emirates. It represents a major improvement in the two countries' economic ties.

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After two years of talks, an agreement was reached that has enormous potential for both nations. Colombia's exporters and investors now have access to new markets and prospects thanks to this agreement, especially in the UAE's thriving and rapidly expanding economy. As the fourth-largest economy in the area, Colombia offers the UAE a strategically important entrance to South America.

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President Petro emphasized the sectors of the economy that both nations share, especially the coffee sector, which is essential to Colombia. He hoped that flowers and coffee from Colombia would make their way to the UAE, signifying the possibility of collaboration and reciprocal advantages. Petro also mentioned the close cultural ties between the two countries, using as an example the long-standing Arab community in Maicao, a city on the Colombian-Venezuelan border.

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Also  UAE's Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, expressed his satisfaction with the deal and emphasized its significance to the country's foreign trade plan. He emphasized the prospects it would bring about for investors and exporters alike, deepening Colombia's economic relationship with the United Arab Emirates.