Dr. Thani bin Ahmed Al Zeyoudi, UAE’s minister of State for Foreign Trade, and Sonsoles Garcia, Ecuador’s minister of Production, Foreign Trade, Investments, and Fisheries, signed a joint statement in Nairobi. The statement announced the intention to commence negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador. This occurred during the UAE delegation’s visit to several Latin American countries. It follows the recent signing of similar agreements with Costa Rica and Colombia, making them the first two Latin American countries to establish such partnerships with the UAE.
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The decision to pursue a CEPA underscores the UAE’s strategic objective to strengthen its commercial and investment presence in Latin America and promote sustainable economic growth. The partnership aims to substantially enhance bilateral trade beyond the oil sector and facilitate increased investment flows between the two nations.
By eliminating trade barriers and promoting the exchange of various goods and services, this partnership creates new economic opportunities for both countries in terms of exports and imports. Furthermore, it enables Ecuadorian companies to leverage the UAE’s economic strength and favorable geographic position. Simultaneously, it provides Emirati businesses and investors with a robust entry point into Latin American markets, starting with Ecuador.
In 2023, non-oil bilateral trade between the UAE and Ecuador reached $675 million, marking an impressive 76 percent increase compared to 2022 and more than tripling the figures reported in 2021. Additionally, Dubai Ports World’s substantial investment of $1.2 billion in Ecuador’s Port of Posorja demonstrates the growing economic ties between the two countries.
Shared objectives for sustainable economic growth
Dr. Al Zeyoudi highlighted that the initiation of negotiations with Ecuador aligns with the UAE’s ongoing efforts to solidify its position as a global hub for trade, investment, and logistics. These efforts aim to expand trade relations with influential global partners like Ecuador, a key ally in trade and investment, with shared objectives of fostering sustainable economic growth in both nations. He emphasized the substantial opportunities for deeper economic integration between the UAE and Ecuador in sectors such as agriculture, tourism, infrastructure, technology, and renewable energy, among others.
Minister Garcia, in turn, underscored the enduring and evolving trade ties between Ecuador and the UAE, driven by mutual interests in advancing cooperation across various economic sectors. She stressed that the initiation of CEPA negotiations with the UAE represents a significant step in expanding economic ties, with active participation from the business communities, private sectors, and investors of both countries.
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