Abu dhabi: Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, announced that the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador represents a strategic milestone in enhancing bilateral economic and trade ties. This development aligns with sustainable development goals and aims to integrate more deeply into global markets.
According to Emirates News Agency, Al Zeyoudi highlighted that trade and investment relations between the UAE and Ecuador are on an upward trajectory, with non-oil trade projected to reach US$373.6 million in 2025. This figure marks a 3.2 percent increase compared to 2024 and is more than three times the level recorded in 2019. Moreover, the UAE is identified as Ecuador's largest trading partner in the Arab and African regions, accounting for approximately 30 percent of Ecuador's total trade with these areas.
Al Zeyoudi further mentioned the signing of an Investment Promotion and Protection Agreement, which seeks to establish a transparent and stable environment for foreign direct investment. This agreement aims to reduce risks, protect intellectual property rights, and create clear frameworks for dispute resolution, thereby strengthening bilateral ties and facilitating trade and investment networks. Additionally, Ecuador's trade office has been opened in Dubai to boost cooperation with the private sector.
The CEPA aims to eliminate or reduce customs duties on over 96 percent of traded goods and products, improving market access for exports and strengthening supply chains. The agreement establishes a trade and investment corridor linking the UAE with Latin American markets, leveraging the UAE's position as a global trade hub to facilitate the expansion of Ecuadorian companies into markets across Asia, the Middle East, and Europe. This will also result in increased investments in vital sectors, enhanced private sector partnerships, and support for small and medium-sized enterprises.
Dr. Thani Al Zeyoudi emphasized that the agreement benefits multiple sectors, including renewable energy, agriculture, logistics services, technology, food production, and advanced technologies such as artificial intelligence and advanced manufacturing. Existing cooperation in the logistics sector serves as a solid foundation for further expansion under the agreement.