UAE Strengthens Economic Ties with Venezuela, Inks Trade Deals in Latin America Tour

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 Venezuelan President Nicolas Maduro received a high-level UAE delegation led by Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as part of the UAE's visit to several Latin American nations.


During the meeting in Caracas, Dr. Al Zeyoudi conveyed greetings from the UAE leadership - President Sheikh Mohamed bin Zayed, Vice President Sheikh Mohammed bin Rashid, and Deputy Prime Minister Sheikh Mansour bin Zayed - wishing Venezuela continued progress and prosperity.


President Maduro reciprocated the warm wishes to the UAE leadership and expressed his country's desire to strengthen cooperation with the UAE across various fields. He praised the UAE's role in promoting international stability and prosperity through its strong global relations.


The discussions focused on enhancing bilateral ties in areas of mutual interest like investment, trade, and the economy. Both sides highlighted the importance of these meetings in advancing UAE-Venezuela cooperation for mutual benefit.


This visit comes on the heels of the UAE signing comprehensive economic partnership agreements (CEPAs) with Costa Rica and Colombia in the past two days, aimed at expanding trade, investment and driving economic growth in both regions.


Regarding the UAE-Colombia CEPA, Dr. Al Zeyoudi said it "marks the beginning of a new era of enhanced trade and investment cooperation" between the two nations. He explained that the agreement lays a solid foundation for economic integration, creating promising opportunities and stimulating trade flows.


The Minister emphasized that the CEPA will grant the UAE extensive access to the Colombian market and broader South American markets by reducing customs duties, enhancing market access, and empowering joint ventures in vital areas like energy, technology, healthcare, tourism and environment.


A few days prior, during the UAE delegation's visit to Costa Rica, President Rodrigo Chaves and Dr. Al Zeyoudi affirmed that the CEPA between their countries would significantly boost bilateral trade and mutual investments by eliminating tariffs, reducing trade barriers and promoting cooperation between private sectors.


The UAE's foreign trade roadmap aims to increase the country's non-oil foreign trade value to over AED 4 trillion by 2031. These CEPAs with Latin American nations are key steps towards achieving that goal while fostering stronger economic partnerships globally.

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