Obaid Humaid Al Tayer, Minister of State for Financial affairs, discussed on Wednesday with Fausto Herrera, Ecuador’s Minister of Finance the growing trade and economic relations between the two countries, and ways to strengthen them.
During the meeting held at the ministry in Dubai, the two parties reviewed the growth and development of the UAE’s economy, as well as the most important economic and trade indicators between both countries.
Al Tayer highlighted the UAE’s efforts to strengthen its relations with various countries around the world, and to implement investment legislations and laws that support trade and investment environments and drive economic diversity.
He said, "The UAE is continuing its efforts to offer key advantages for both public and private sectors, through committing to double taxation agreements, joint tax legislations, and agreements to prevent the evasion of income tax; which enhances economic growth and investments between both countries."
The UAE and Ecuador signed an agreement to avoid double taxation on income on September 1, 2012 in Quito. Both parties highlighted the importance of finalising the signings of the agreement and completing the constitutional procedures for attesting it.
Statistics show the significant growth in trade relations between the UAE and Ecuador. Total foreign trade between the two countries for the first nine months of 2015 amounted to $40.3 million. Bilateral trade relations are expected to develop considerably, especially in light of the efforts of the Commercial Office of Ecuador’s Government in Dubai to strengthen trade relations and explore investment opportunities between both countries.
As part of the UAE and Ecuador’s efforts to enhance tourism between the two countries, a Memorandum of Understanding was signed between Emirates Airlines and "Tame" Ecuadorian Airlines; to facilitate flights between the UAE and Ecuador. Initially, Emirates Airlines will conduct weekly trips to Ecuador for cargo purposes, whilst the next phase will open up airline trips for travelers between the countries. Etihad Airlines will also conduct two weekly trips from Abu Dhabi to the Capital of Ecuador, Quito, for commercial cargo; which will develop tourism and trade between the countries.