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UAE, Ecuador announce intent to commence CEPA negotiations

UAE, Ecuador announce intent to commence CEPA negotiations
24 Apr 2024 12:15


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, signed on Wednesday a joint statement in Nairobi announcing the intention to begin negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador, as part of the UAE delegation's visit to several Latin American countries.

This announcement comes after the UAE signed similar agreements with Costa Rica and Colombia, the first two countries in Latin America to sign last week. The move underscores the UAE's strategic intent to deepen its commercial and investment presence across Latin America, fostering sustainable economic growth.

The partnership aims to substantially enhance non-oil bilateral trade while fostering increased investment flows between the two nations.

By eliminating trade barriers and facilitating the exchange of a wide array of goods and services, this partnership opens new economic opportunities for both countries regarding exports and imports. Additionally, it allows Ecuadorian firms to leverage the UAE's economic prowess and geographical advantage and provides Emirati businesses and investors with a robust entry point into Latin American markets, beginning with Ecuador.

In 2023, non-oil bilateral trade between the UAE and Ecuador surged to $675 million, marking a remarkable 76% increase compared to 2022 and more than tripling the figures recorded in 2021. Furthermore, Dubai Ports World's substantial investment in Ecuador's Port of Posorja, valued at $1.2 billion, is a testament to the burgeoning economic ties between the two countries.

Speaking on the occasion, Dr. Al Zeyoudi underscored that the commencement of negotiations with Ecuador aligns with the UAE's ongoing efforts to cement its status as a global trade, investment, and logistical hub. These efforts aim to expand trade relations with influential global partners like Ecuador, a key trading and investment ally, with shared objectives of driving sustainable economic growth in both nations.

He emphasised the vast opportunities for establishing deeper economic integration between the UAE and Ecuador, particularly in agriculture, tourism, infrastructure, technology, renewable energy, and others of mutual interest.

In turn, Minister Garcia emphasised the enduring and evolving trade ties between Ecuador and the UAE, driven by mutual interests in advancing cooperation across various economic domains.

She stressed that initiating of CEPA negotiations with the UAE represents a pivotal step in expanding economic ties, with active participation from both countries' business communities, private sectors, and investors.

Source: WAM
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