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4/26/24, 8:35 AM UAE and Ecuador begin Cepa talks to bolster trade ties | bilaterals.org
UAE and Ecuador begin Cepa talks to bolster
trade ties
The National | 24 April 2024
UAE and Ecuador begin Cepa talks to bolster trade ties
by Fareed Rahman
The UAE has started talks for a Comprehensive Economic Partnership Agreement
(Cepa) with Ecuador as the Arab world’s second-largest economy continues to focus on
strengthening trade ties with different countries across the globe.
The UAE has so far signed 11 Cepas with countries including India, Turkey, Israel,
Indonesia, Cambodia, Georgia, as well as with Mauritius, Kenya, the Republic of
Congo, Colombia and Costa Rica.
It is currently holding talks to conclude new deals with Serbia, Vietnam, the Philippines,
Ukraine and New Zealand, while negotiations with South Korea have been completed.
“The commencement of negotiations with Ecuador aligns with the UAE’s continuing
efforts to cement its status as a global trade, investment, and logistical hub,” Dr Thani Al
Zeyoudi, UAE Minister of State for Foreign Trade, told the state-run Wam news agency.
“These efforts aim to expand trade relations with ….. Ecuador, a key trading and
investment ally, with shared objectives of driving sustainable economic growth in both
nations.”
In 2023, non-oil bilateral trade between the UAE and Ecuador reached $675 million,
marking a 76 per cent annual increase and more than tripling the figures recorded in
2021.
DP World is also investing in Ecuador’s Port of Posorja, with investments valued at $1.2
billion.
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