2024-04-25 00:05:00
The Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, and the Ecuadorian Minister of Production, Foreign Trade, Investment and Fisheries, Sonsulís Garcia, signed a joint declaration in which the two countries expressed their intention to begin negotiations towards a comprehensive economic partnership agreement between the United Arab Emirates and Ecuador, within the framework of the visit of the United Arab Emirates delegation to a number of countries in America Latin.
The announcement of the start of negotiations on the Comprehensive Economic Partnership Agreement with Ecuador comes after the United Arab Emirates signed two similar agreements last week with Costa Rica and Colombia, continuing to consolidate its commercial presence and investment in Latin American markets, thereby strengthening the sustainability of economic growth.
This agreement – once concluded – will significantly contribute to strengthening bilateral non-oil trade between the two friendly countries, while both countries also focus on increasing the volume of investments and bilateral trade to higher levels.
Through the partnership agreement, the two countries aim to remove trade barriers to the exchange of a large number of goods and services, thereby helping to provide new economic opportunities for both countries in terms of export and trade. ‘import, and allowing Ecuadorian companies to benefit from the competitive added value brought by the UAE economy and the geographical location of the country, in addition to this, this has opened the way for Emirati companies and investors to penetrate strongly in all Latin American markets starting from Ecuador.
Benefit exchange
Al-Zeyoudi said: “The announcement of the start of negotiations with Ecuador is part of the continuation of work aimed at consolidating the position of the United Arab Emirates as a global center of trade, investment and logistics services, implementing plans to expand our trade with a group of countries. influential global markets, including Ecuador, which is an active trade and investment partner of the country. We share common goals to achieve sustainable economic growth in the two friendly countries.
He added: “The launch of negotiations on a Comprehensive Economic Partnership Agreement between the two countries is a step forward towards realizing the UAE’s vision and wise leadership to establish mutually beneficial partnerships that create jobs and new investment opportunities enabling sustainable economic growth for the benefit of all in the region and the world.
Al-Zeyoudi stressed that the comprehensive strategic partnership agreements that the UAE intends to conclude with a number of Latin American countries strengthen the position of the UAE as a gateway for flows commercial and investment in a growing market connecting Middle East and Gulf countries with Latin American countries. America.
He highlighted that there are enormous opportunities to create stronger economic integration between the UAE and Ecuador, particularly in the sectors of agriculture, tourism, infrastructure, technology, energies renewables and other sectors of common interest.
New tracks
For her part, the Ecuadorian Minister of Production, Foreign Trade, Investment and Fisheries, Sonsólis Garcia, highlighted Ecuador’s desire to open new avenues to strengthen cooperation in trade and investment, which would help increase the flow of investments and reflect on the movement of non-investors. intra-oil trade between the two friendly countries.
She also stressed that the signing of the announcement of the start of negotiations on the Comprehensive Economic Partnership Agreement with the United Arab Emirates constitutes an important step in the process aimed at expanding economic relations with the participation of the business community, the private sector and investors. the two countries.
She indicated her country’s interest in concluding the agreement with the UAE before the end of this year, which will pave the way for the two countries to launch a new era of economic, trade and investment cooperation, and will strengthen the sustainability of common economic growth.
The negotiation process will begin with high-level discussions on the Comprehensive Economic Partnership Agreement between the UAE and Ecuador, covering various issues including ease of market access for goods and services, thereby strengthening the UAE commercial and investment presence in Latin America. American markets.
Non-oil trade
Bilateral non-oil trade between the UAE and Ecuador reached $675 million in 2023, a significant increase of 76% compared to 2022, and more than three times the figures recorded in 2021, in addition to the DP World’s investment in the Busorga port project. is currently the largest private investment in Ecuador, valued at $1.2 billion.
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