milestone moment uae and ecuador set to boost economic ties with cepa talks (1)
The recent joint statement signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, and Sonsoles Garcia, Minister of Production, Foreign Trade, Investments, and Fisheries of Ecuador, marks a significant milestone in the economic relations between the two nations. The announcement signals the intent to initiate negotiations towards a Comprehensive Economic Partnership Agreement (CEPA), highlighting the commitment of both countries to deepen their economic cooperation.
The decision to commence CEPA negotiations follows similar agreements signed by the UAE with Costa Rica and Colombia. These initiatives underscore the UAE’s strategic vision to enhance its commercial and investment footprint across Latin America, aiming to stimulate sustainable economic growth and diversify its trade relations.
The proposed partnership between the UAE and Ecuador aims to facilitate greater non-oil bilateral trade and foster increased investment flows between the two nations. By removing trade barriers and promoting the exchange of goods and services, both countries seek to unlock new economic opportunities and leverage each other’s strengths for mutual benefit.
In 2023, non-oil bilateral trade between the UAE and Ecuador witnessed a remarkable surge, reaching $675 million. This substantial increase, amounting to a 76% rise compared to the previous year, reflects the growing economic collaboration between the two countries and underscores the potential for further expansion in trade volume.
The UAE’s investment in Ecuador’s Port of Posorja, valued at $1.2 billion and led by Dubai Ports World, exemplifies the depth of economic engagement between the two nations. This significant infrastructure project not only enhances Ecuador’s maritime capabilities but also signifies the UAE’s commitment to strengthening bilateral ties through strategic investments.
Dr. Al Zeyoudi emphasized that the initiation of CEPA negotiations with Ecuador aligns with the UAE’s overarching goal of positioning itself as a global trade, investment, and logistical hub. By deepening trade relations with Ecuador, a key partner in Latin America, the UAE aims to bolster its role as a gateway to the region for Emirati businesses and investors.
Minister Garcia highlighted the enduring trade relationship between Ecuador and the UAE, emphasizing the shared interests in advancing cooperation across various economic sectors. The initiation of CEPA negotiations represents a pivotal step towards diversifying trade opportunities and fostering closer collaboration between the business communities and private sectors of both countries.
The decision to commence CEPA negotiations between the UAE and Ecuador signifies a significant stride towards strengthening bilateral economic relations and unlocking new avenues for cooperation. With a focus on enhancing trade, promoting investment, and fostering sustainable economic growth, both nations are poised to reap the benefits of deeper collaboration in the years to come.
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