Successful partnerships with Latin America

The United Arab Emirates has a strong economic base and the ability to direct investments to emerging markets in various promising regions of the world, within a framework that ensures benefits for all parties . By expanding partnerships with Latin American countries, the UAE seeks a number of goals, including diversifying markets and reducing dependence on traditional markets in Europe and Asia, by opening new markets to contribute to the stability of the national economy and provide opportunities for sustainable growth.

His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, announced during a discussion session with Gabriel Boric Font, President of the Republic of Chile, held on June 30, 2024, the interest of the UAE is building. to strengthen its relations with Latin American countries, stressing that “The UAE has a broad vision for cooperation with these countries, based on development aspects, based on the country’s belief that cooperation and stability are the basic foundation for achieve development and a richer and more stable situation. future for all the people of the world.”

In this context, the Comprehensive Economic Partnership Agreement was signed between the UAE and the Republic of Chile, on July 30, 2024, in the presence of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect e, and Gabriel Boric Font, President of Chile. The objectives of the agreement are to promote bilateral non-oil trade, by canceling or reducing duties on approximately 99.5% of the value of UAE imports from Chile, removing barriers to trade , simplifying customs procedures, establishing new routes for the flow of investments. and collaboration, and provides a platform for the private sector on both sides to build partnerships. The signing of the agreement with Chile shows rapid progress towards broader relations with Latin American countries, as on April 19, 2024, the UAE signed a Comprehensive Economic Partnership Agreement with the Republic of Colombia, to trade bilaterally non-oil bilateral strengthening between the two countries achieving $553.1 million. The UAE also signed the Comprehensive Economic Partnership Agreement with Costa Rica on April 18, 2024.

As is the case with Colombia, non-oil bilateral trade between the UAE and Costa Rica in 2023 registered an increase of about 7% compared to what it was in 2022, and 31% compared to the figures it was scheduled in 2021.

In the same context, the UAE is making progress on a comprehensive agreement with Ecuador, after the two countries signed, on April 24, a joint declaration in which they expressed their intention to start negotiations on about, due to the constant increase in bilateral. non-oil trade between them, as its volume in 2023 reached $675 million, an increase of 76% compared to 2022, and more than triple its size in 2021, in addition to DP World’s investment in the Busorga Port project, which is currently the largest private investment in Ecuador, with a value of $1.2 billion. Brazil, which has the largest economy in South America, is of particular importance to the UAE, as the value of non-oil trade between the two countries reached $4.3 billion in 2023, with a growth of 42.1% compared to 2022.

Brazil is also considered to be the largest recipient of UAE exports in South America, and the second largest trading partner of the Americas after the United States. In addition, the UAE has pledged to support the Brazilian economy with more than $5 billion in investments. These economic agreements come within a wider context, which includes different types of cooperation in political, social and cultural aspects, in a way that introducing the status of the UAE and its ability to expand its relations to different countries and regions of the world, in a way that fulfills mutual interests and contributes to achieving greater stability, prosperity and progress Everywhere in the the world

* Issued by the Emirates Center for Strategic Studies and Research.