UAE, Ecuador begin discussions on comprehensive economic partnership deal
Date
4/24/2024 6:20:41 AM
(MENAFN) In a significant development aimed at bolstering economic ties, the United Arab Emirates (UAE) and Ecuador have embarked on negotiations towards establishing a comprehensive economic partnership agreement between the two nations. The official Emirates News Agency, WAM, reported the signing of a joint declaration of intent to this effect on Wednesday.
The joint declaration was formalized through the signatures of Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Sonsoles Garcia, Minister of Production, Foreign Trade, Investment, and Fisheries of Ecuador. This milestone occurred within the context of the UAE delegation's visit to several Latin American countries, underscoring the UAE's commitment to expanding its economic partnerships across the globe.
The initiation of negotiations with Ecuador follows the recent signing of similar agreements with Costa Rica and Colombia, marking the UAE's concerted efforts to strengthen its trade and investment presence in Latin American markets. By forging comprehensive economic partnerships, the UAE aims to foster sustainable economic growth and diversification, leveraging the potential of emerging markets in the region.
Upon completion, the Comprehensive Economic Partnership Agreement between the UAE and Ecuador is expected to significantly enhance bilateral trade beyond the realms of oil. Both countries are poised to focus on augmenting investment flows and trade volumes, thereby elevating the level of economic engagement to new heights. This strategic initiative underscores the mutual commitment of the UAE and Ecuador to fostering mutually beneficial economic cooperation and leveraging each other's strengths for shared prosperity.
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