The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Ecuador’s Minister of Production, Foreign Trade, Investment and Fisheries, Sonsulís Garcia, signed a joint declaration in which the two countries expressed their intention to start negotiations towards a comprehensive economic partnership agreement between the UAE and Ecuador, within the framework of the visit of the UAE delegation to several Latin American countries.
The announcement of the start of negotiations on a Comprehensive Economic Partnership Agreement with Ecuador comes after the UAE signed two similar agreements with Costa Rica and Colombia last week, thus continuing reinforcing its trade and investment presence in Latin American markets, thus increasing the stability of economic growth.
This agreement – after its completion – will significantly contribute to increasing bilateral non-oil trade between the two friendly countries, while both countries also aim to increase the volume of investment 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 contributing to providing new economic opportunities for both countries in terms of -trade and import, and allow companies in Ecuador to benefit. from the added competitive value provided by the UAE economy and the country’s geographical location, in addition this paved the way for Emirati companies and investors to enter strongly in all American markets Latin from Ecuador.
Trading benefits
Al-Zeyoudi said: “The announcement of the start of negotiations with Ecuador comes within the framework of ongoing work to consolidate the position of the UAE as a global center for trade, investment and logistics services, by implementing plans to expand our trade with a group of 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 both friendly countries . “
He said, “Launching negotiations on a comprehensive economic partnership agreement between the two countries is a step forward to fulfill the vision of the UAE and its wise leadership which aims to establish mutually beneficial partnerships that will create new jobs and investment opportunities that will achieve sustainable economic growth, for the benefit of everyone in the region and the world.”
Al-Zeyoudi emphasized that the comprehensive strategic partnership agreements that the UAE intends to conclude with several Latin American countries strengthen the position of the UAE as a gateway for the flow of trade and investment in a market that increasingly connecting the countries of the Middle East and the Gulf to Latin. America.
He pointed out that there are great opportunities to create stronger economic integration between the UAE and Ecuador, especially in the sectors of agriculture, tourism, infrastructure, technology, renewable energy, and other sectors of common interest.
New songs
For his part, Ecuador’s Minister of Production, Foreign Trade, Investment and Fisheries, Sonsolis Garcia, emphasized Ecuador’s willingness to open new avenues to strengthen trade and investment cooperation, which would contribute to increasing the flow of investments and reflect on the movement of non-investments. oil exchange between the two friendly countries.
She also confirmed that the signing of the announcement of the start of negotiations on the Comprehensive Partnership Agreement with the UAE is an important step in the process of pushing economic relations to a wider horizon with the participation of the business communities, the private sector, and investors in both countries.
She pointed out her country’s interest in concluding the agreement with the UAE by the end of this year, which will be a way for the two countries to launch a new era of economic cooperation, trade and investment, and which will to the sustainability of economic growth together.
The negotiation process will begin through high-level talks on the Comprehensive Economic Partnership Agreement between the UAE and Ecuador, covering a number of issues, including easy access to the market for goods and services, thus increase the commercial and investment presence of the UAE in Latin. American markets.
Non-oil trade
Non-oil bilateral trade between the UAE and Ecuador in 2023 will reach $675 million, a significant increase of 76% compared to 2022, and more than triple the figures recorded in 2021, as well as DP World’s investment in the Busorga port project is currently the largest private investment in Ecuador, with a value of $1.2 billion.
2024-04-25 00:05:00
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