Ecuador and the United Arab Emirates (UAE) have commenced negotiations for a comprehensive trade agreement, aiming to strengthen bilateral economic relations. The joint declaration was signed during the visit of the UAE’s Minister of Production to Ecuador, indicating mutual interest in expanding trade ties.

Foundation for Cooperation

The signed declaration signifies the intent of both nations to explore opportunities for enhancing bilateral trade and investment. With Ecuador already exporting over USD 600 million worth of goods to the UAE, including shrimp, bananas, and flowers, the potential for further economic collaboration is evident.

The talks aim to foster a more robust economic partnership between Ecuador and the UAE. The agreement is expected to cover various aspects of trade, including goods, services, investments, and economic cooperation. Both parties anticipate positive outcomes from the negotiations, which could lead to increased trade volumes and mutual benefits.

Historical Trade Performance

Ecuador’s exports to the UAE have seen steady growth, exceeding USD 600 million in recent years. During the period from 2019 to 2023, the UAE emerged as a significant market for Ecuadorian non-oil exports, with goods such as gold, bananas, shrimp, and natural flowers being key export commodities.

As part of the UAE trade mission’s visit to Ecuador, discussions centered on exploring investment opportunities in sectors such as agribusiness and renewable energies. High-level meetings facilitated dialogue on areas of mutual interest, laying the groundwork for potential collaboration and economic growth.