UAE says it concludes free trade agreement with Colombia

The UAE said on Saturday it had concluded the terms of a trade deal with Colombia, which it called the first such bilateral agreement between the Gulf and South America.

"The UAE and Colombia have concluded the terms of a Comprehensive Economic Partnership Agreement – the first bilateral trade deal between the Gulf and South America," Thani Al Zeyoudi, UAE minister of State for Foreign Trade, wrote on X.

"We can look ahead to a new era of cooperation that will deliver growth for both nations."

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UAE state news agency WAM said the deal, once implemented, will "remove or reduce tariffs on the majority of product lines, eliminate unnecessary barriers to trade, improve market access and deepen collaboration" across a variety of sectors, including energy, telecommunications, tourism and food production.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters