The UAE and Ecuador have announced their intention to commence negotiations for a Comprehensive Economic Partnership Agreement (CEPA), following the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Sonsoles Garcia, Minister of Production, Foreign Trade, Investments, and Fisheries of Ecuador. This agreement is part of the UAE delegation’s visit to various Latin American countries, highlighting the UAE’s strategic efforts to expand its commercial and investment presence in the region.
After recently signing similar agreements with Costa Rica and Colombia, the UAE is now looking to deepen its economic relationships with Ecuador. The partnership aims to boost non-oil bilateral trade and facilitate increased investment flows between the two nations. By removing trade barriers and promoting the exchange of goods and services, both countries will have access to new economic opportunities in terms of exports and imports.
In 2023, non-oil bilateral trade between the UAE and Ecuador reached 5 million, representing a significant 76% increase from the previous year and more than triple the figures from 2021. The substantial investment by Dubai Ports World in Ecuador’s Port of Posorja, valued at .2 billion, further demonstrates the growing economic ties between the two countries.
Dr. Al Zeyoudi emphasized the UAE’s commitment to becoming a global trade, investment, and logistical hub by expanding trade relations with key partners like Ecuador. He highlighted the vast potential for deeper economic integration in sectors such as agriculture, tourism, infrastructure, technology, and renewable energy.
Minister Garcia acknowledged the longstanding trade ties between Ecuador and the UAE and welcomed the start of CEPA negotiations as a crucial step in strengthening economic cooperation. She emphasized the participation of both countries’ business communities, private sectors, and investors in expanding economic ties.
The initiation of CEPA negotiations between the UAE and Ecuador signifies a significant milestone in advancing economic relations and driving sustainable growth in both nations.