A Desirable Scenario

How important is Dubai in terms of Ecuador’s foreign policy?

The establishment of lasting links with the UAE responds to priority guidelines of Ecuadorean foreign policy. Dubai is an important player for Ecuador due to the investment and cooperation opportunities. There is huge potential between our petrochemicals industries, but especially in terms of clean energy, where Ecuador has a great interest and Dubai has shown significant global leadership. We also believe that other sectors of the Ecuadorean economy, such as tourism, floriculture, cocoa, and banana production have demonstrated great international solvency, and have marked potential in the entire Gulf region.

How do you see the present and future of the relationship between Ecuador and Dubai?

New partners like Dubai represent for Ecuador the opportunity to diversify cooperation, transfer technology and scientific sources, as well as share new export markets. For these reasons, over the past four years we have taken a new approach in regard to Middle Eastern countries, having promoted the development of diplomatic relations with the Arab nations, in which we have found coincidences and focal points in human rights issues, migration, and environment in the UN framework. Discussions have been held for the signing of trade agreements, and I trust that the prompt establishment of an economic trade committee for Ecuador and the UAE will definitely boost our trade levels. In addition, we will foster support for technological innovation in renewable energy issues, knowledge transfer, and the exchange of experts. Meanwhile, from Ecuador, we are studying the possibility of strengthening our diplomatic representation in the UAE. Recently, the Embassy of Ecuador in Qatar—also serving the UAE—was opened, but the growing relationship of Ecuador with the countries of the region leads us to consider strengthening Dubai’s business office with its own embassy. Relations with Dubai in the future will continue advancing through cooperative agreements regarding environmental and energy issues. We also expect to complete the signing of an air services agreement, take measures to avoid double taxation between the two countries, and have the possibility of deepening the knowledge and technology transfer through the exchange and training of professionals in both countries.

What actions is Ecuador taking to support relations with other regions and emerging markets?

Ecuador, in adherence to its constitutional principles to promote the formation of a multipolar global order and the strengthening of horizontal relationships, not only aims to improve regional integration, but also focuses its efforts on deepening relationships with new strategic partners to alter traditional logic. In this regard, emerging economies are globally fundamental strategic poles for the country, both in the context of our policy of diversification of economic and political relations, and, in particular, regarding the implementation of the strategy of a productive matrix transformation. Although they are not the only emerging economies, the BRICS are essential for understanding our strategic relationship goals. The BRICS are among the main sources of FDI, which increased from $7 billion in 2000 to $126 billion in 2012, comprising 9% of the global total. The five BRICS countries make up 42% of the world’s population, 21% of global GDP, and generate trade of around $282 billion. The opportunities presented by these countries are large, and can play an important role in Ecuador’s objectives to become a socialist society of knowledge, where investment and technological cooperation are cornerstones. In line with the diversification of its partners, Ecuador has already taken particular steps to approach emerging economies, as in the case of Qatar and Malaysia, with which it has negotiated cooperation and understanding agreements in various fields.