ABU DHABI (WAM)

Dr Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, said the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador marks a strategic milestone in advancing bilateral economic and trade relations in line with sustainable development priorities and deeper integration into global markets.

Speaking to the Emirates News Agency (WAM), Al Zeyoudi noted that trade and investment relations between the two countries continue to grow, with non-oil trade reaching $373.6 million in 2025, reflecting a growth of 3.2 percent compared to 2024 and more than three times its 2019 level.

Dr Al Zeyoudi added that the UAE is Ecuador’s largest trading partner in the Arab world and the African continent, accounting for around 30 percent of Ecuador’s total trade with countries in these regions combined.

He said the two countries have signed an Investment Promotion and Protection Agreement aimed at providing a transparent and stable environment for foreign direct investment flows by reducing risks, protecting intellectual property rights and establishing clear dispute resolution frameworks. This reflects the strength of bilateral ties and provides an effective platform for facilitating trade and investment and building networks.

He also noted the opening of Ecuador’s trade office in Dubai to support cooperation with the private sector.

Al Zeyoudi affirmed that the CEPA aims to eliminate or reduce customs duties on more than 96 percent of traded goods and products, contributing to improved market access for exports and strengthening supply chains.

He explained that the agreement provides a trade and investment corridor linking the UAE with Latin American markets, while the UAE’s stature as a global trade hub will support the expansion of Ecuadorian companies into markets across Asia, the Middle East and Europe. It will also increase investments in vital sectors, enhance private sector partnerships and support cooperation among small and medium-sized enterprises.

Dr Thani Al Zeyoudi added that the agreement benefits various sectors, with clear complementarity in areas including renewable energy, agriculture, logistics services, technology, food production and advanced technologies such as artificial intelligence, advanced manufacturing, mining, education, capacity building, tourism and hospitality.

He noted that existing cooperation in the logistics sector forms a solid foundation for further expansion under the agreement.