UAE-Ecuador CEPA Negotiations: A Step Forward in the UAE's Latin American Engagement

 




The recent initiation of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Ecuador signals a significant milestone in the UAE's growing engagement with Latin America. Since the creation of the Summit of South American-Arab Countries in 2005, the UAE's involvement in the region has expanded, driven by efforts to diversify its economy and bolster international trade and investment.

Trade between South America and the Arab states has seen substantial growth, with the GCC states investing significantly in Latin America. Brazil has emerged as a key trading partner, with UAE-Brazil non-oil trade alone reaching $4.3 billion in 2022. The UAE aims to establish trade hubs in the region and enhance Emirati investments in South American companies, particularly in sectors like iron ore, oil, and gold.

Moreover, the UAE's engagement extends beyond economic interests to security and food security initiatives. Some South and Central American states have provided military support to the UAE, highlighting the multifaceted nature of the relationship. Additionally, the UAE has invested in food security alliances, collaborating with countries in South America to ensure sustainable food production and supply chains.

As negotiations for the CEPA progress, the UAE's commitment to fostering mutually beneficial partnerships with Latin American countries continues to strengthen. This strategic move not only enhances economic cooperation but also underscores the UAE's broader geopolitical ambitions and its role as a global player in fostering sustainable development and prosperity.

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