Ecuador: 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, jointly signed a statement in Nairobi announcing the intention to start negotiations toward a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador, as part of the UAE delegation’s tour of several Latin American nations.
This announcement follows the signing of such deals by the UAE last week with the first two Latin American countries, Colombia and Costa Rica. The action demonstrates the UAE’s strategic goal of expanding its investment and commercial footprint throughout Latin America to promote long-term economic prosperity.
The alliance seeks to increase investment flows between the two countries and significantly improve bilateral trade that is not related to oil.
This agreement creates new export and import opportunities for both nations by removing trade barriers and enabling the exchange of a wide range of commodities and services. It also allows Ecuadorian companies to benefit from the UAE’s economic might and strategic location, and it gives Emirati companies and investors a strong starting point for entering Latin American markets, starting with Ecuador.
The UAE and Ecuador’s bilateral non-oil trade increased to $675 million in 2023, more than tripling the 2021 statistics and showing a remarkable 76 percent rise from 2022. In addition, the $1.2 billion investment made by Dubai Ports World in Ecuador’s Port of Posorja is evidence of the growing commercial links between the two nations.
Speaking at the event, Dr. Al Zeyoudi emphasized that the UAE’s continued efforts to solidify its position as a major hub for international trade, investment, and logistics are in line with the start of talks with Ecuador. The goal of these initiatives is to deepen commercial ties with major trading and investment partners throughout the world, such as Ecuador, with the mutual goal of promoting sustainable economic growth in both countries.
He emphasized the many prospects for Ecuador and the United Arab Emirates to integrate their economies more deeply, especially in the areas of renewable energy, infrastructure, agriculture, tourism, and technology.