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4/26/24, 8:35 AM UAE and Ecuador begin Cepa talks to bolster trade ties | bilaterals.org
“The initiation of Cepa negotiations with the UAE represents a pivotal step in expanding
economic ties, with active participation from both countries’ business communities,

private sectors, and investors,” Sonsoles Garcia, Ecuador’s Minister of Production,

Foreign Trade, Investments and Fisheries, said.

Agriculture, tourism, infrastructure, technology and renewable energy are some of the
sectors where UAE and Ecuador are looking for opportunities to strengthen economic

ties, according to Wam.

The UAE has renewable energy investments in several countries through Abu Dhabi’s

clean energy company Masdar.

The UAE–Ecuador Cepa, if finalised, would be the third such deal with a Latin American

nation following agreements with Costa Rica and Colombia last week.

The new announcement comes as the UAE seeks to boost non-oil foreign trade to more

than Dh4 trillion ($1 trillion) by 2031 amid new trade agreements with different countries
and economic diversification plans.

The UAE’s non-oil foreign trade hit a record Dh3.5 trillion in 2023, up from Dh2.23

trillion in 2022 as the country’s trade with its top 10 most important foreign partners

grew by 26 per cent last year.

Non-oil trade with Turkey, which contributed 5.1 per cent to the UAE’s total, grew by
103.7 per cent year on year in 2023, the highest among the top 10 trading partners.

This came after the two countries brought their Cepa into effect in September.

Trade with India, which signed a Cepa with the UAE in May 2022, grew by 3.9 per cent,

accounting for more than 7.6 per cent of the total trade, the Emirates announced in

February.

The UAE is expected to exceed its initial target of signing 26 Cepas because of its pace
of work and interest from other countries, Dr Al Zeyoudi, told The National in March.

It also aims to conclude more trade deals with African countries, according to Juma Al
Kait, assistant undersecretary for international trade affairs at the Ministry of Economy.

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