The trade balance in 2023 was favorable for Ecuador. The Arab Emirates have interest in Ecuadorian companies dedicated to agribusiness, tourism, mining and renewable energy.
The Minister of Commerce of the United Arab Emirates, Thani Al Zeyoudi, is visiting Ecuador, along with businessmen and state officials, and a meeting with President Daniel Noboa is planned.
The mission, which arrived on Sunday, April 21, seeks to strengthen bilateral relations, promote commercial exchange and advance the signing of a commercial instrument, reported the Ministry of Production.
The Ministry noted that Noboa’s meeting with Thani Al Zeyoudi is important in promoting bilateral relations and marks a step towards the beginning of negotiations for a trade agreement, announced last February.
Even without this instrument, trade relations between both countries have been growing in the last five years. Ecuador sells to the United Arab Emirates, among other things:
- Gold
- Banana
- Shrimp
- Natural flowers
- industrialized coffee
- Fruit
- Cocoa preparations
In 2023, Ecuador exported a value of USD 601 million to the United Arab Emirates, while imports reached USD 18 million, so the trade balance is favorable for Ecuador.
At the beginning of the year, within the framework of the Ministerial Conference of the World Trade Organization (WTO) in Abu Dhabi, the minister of the Arab Emirates expressed his country’s interest “in sectors such as agribusiness, tourism, mining and renewable energies “.
On Sunday there were meetings between the United Arab Emirates delegation and sectors with high export potential, such as the flower and blueberry industries, in the provinces of Cotopaxi and Pichincha.
Trade agreement in progress
The Minister of Production, Sonsoles García, announced that she had signed a Joint Declaration to negotiate a Comprehensive Economic Partnership Agreement (CEPA) with Thani Al Zeyoudi.
The minister described the event as a “milestone” in Ecuador’s trade agenda and highlighted the opportunities that exportable Ecuadorian products have in this market.
Furthermore, it would become an unprecedented opportunity to eventually open doors to the Middle East and African markets.
https://www.primicias.ec/noticias/economia/acuerdo-comercial-ecuador-emiratos-arabes/
