Page 463 - MOE ENGLISH PR - APRIL 2024

4/25/24, 3:30 PM UAE and Ecuador begin Cepa talks to bolster trade ties
Powered by automated translation
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
READ MORE
with ….. Ecuador, a key trading and investment
UAE-India non-oil trade reaches
$50.5bn in first year of Cepa ally, with shared objectives of driving
sustainable economic growth in both nations.”
UAE aims to conclude more Cepas
with African countries to boost In 2023, non-oil bilateral trade between the
trade ties 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.

“The initiation of Cepa negotiations with the UAE represents a pivotal step in
expanding economic ties, with active participation from both countries' Feedback

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.

https://www.thenationalnews.com/business/economy/2024/04/24/uae-and-ecuador-begin-cepa-talks-to-bolster-trade-ties/ 2/5