After two years of negotiations, Colombia and the United Arab Emirates have finalized a Comprehensive Economic Partnership Agreement (CEPA) at COP28 of the United Nations Framework Convention on Climate Change.

The CEPA covers diverse areas, from market access to legal and institutional matters, including government procurement, economic cooperation, technical assistance, digital trade and investment.

Colombia's Minister of Trade, Industry and Tourism, Germán Umaña Mendoza, highlighted the importance of the agreement in terms of environmental protection, with a focus on sustainable tourism and a ban on gold mining in the Páramo de Santurbán.

Talks are underway to attract sustainable investments by the United Arab Emirates, excluding exploitation in the Páramo de Santurbán, following the instructions of President Gustavo Petro. It is expected that in the coming months the legal review of the agreement will be carried out and signed by both countries, and then submitted to Congress for consideration and analysis by the Constitutional Court.

Bilateral trade between Colombia and the United Arab Emirates reached nearly US$312 million in 2022, rising to US$269 million between January and September of last year. The UAE imports more than US$350 billion worldwide, presenting Colombia as a potential supplier, especially in the food sector. Relations between the two countries are expected to continue to strengthen following this Comprehensive Economic Partnership Agreement. 

Bibliograpy:

https://www.portafolio.co/negocios/comercio/colombia-y-emiratos-arabes-unidos-establecen-acuerdo-de-complementacion-economica-593586