UAE and Ecuador Announce Joint Declaration to Begin Negotiations for a Comprehensive Economic Partnership Agreement
During an official visit to Quito, Ecuador, H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and H.E. Sonsoles García, Minister of Production, Foreign Trade, and Investment, signed a Joint Declaration expressing the UAE and Ecuador intention to commence negotiations towards a Comprehensive Economic Partnership Agreement (CEPA).
This initiative aligns with the UAE’s efforts to strengthen its position as a global hub for trade, investment, and logistics services.
It follows the signing of similar agreements with Costa Rica and Colombia, marking the UAE’s growing presence in Latin American markets.
Enhanced Trade and Investment
The CEPA aims to boost non-oil bilateral trade between the UAE and Ecuador.
In addition to removing trade barriers for a wide range of goods and services.
This will create new economic opportunities for companies in Ecuador to benefit from the UAE’s competitive advantages.
It will also facilitate the UAE businesses’ access to Latin American markets.
$675 million Non-oil Trade
Non-oil bilateral trade between the UAE and Ecuador reached $675 million in 2023.
Which is a remarkable 76% increase compared to 2022 and more than triple the figures recorded in 2021.
Additionally, DP World’s investment in the Posorja Port project, the largest private investment in Ecuador currently valued at $1.2 billion, further strengthens economic ties.
Both countries emphasize the potential for job creation and new investment opportunities through the CEPA.
Which is contributing to sustainable economic growth in both nations.
Mentioning that the agreement positions the UAE as a gateway for trade and investment flow between the Middle East and Gulf region and Latin America.
Promising Sectors For Collaboration Between the UAE and Ecuador
The UAE and Ecuador identify agriculture, tourism, infrastructure, technology and renewable energy.
As well as other sectors of shared interest as areas for enhanced economic integration.
However, the formal negotiations will start through high-level talks, covering a range of issues including market access for goods and services.
With the aim of concluding the agreement before the end of 2024.
During a phone call, His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, discussed with His Excellency Muhammad Ishaq Dar, Minister of Foreign Affairs of the Islamic Republic of Pakistan, bilateral relations and the strategic partnership 🤝 pic.twitter.com/DsuPhX3E5M
— UAE Voice (@uae_voiceeng) April 24, 2024
Significant investment potential exists in various sectors, including:
Mining, petrochemicals, logistics, metalworking, manufacturing, tourism, agriculture, fresh food, renewable energy, biotechnology, application software, and pharmaceuticals. Providing a fertile ground for strengthening economic cooperation and trade partnership between the two countries.
The UAE and Ecuador’s Joint Declaration to start CEPA negotiations marks a significant step towards expanding economic ties and fostering mutually beneficial cooperation.
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