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UAE Pushes For Ecuador DTA

Representatives from the United Arab Emirates and Ecuador met on March 23, 2016, to discuss ways of strengthening the economic and trade ties between the two countries.

During the meeting, Obaid Humaid Al Tayer, the UAE's Minister of State for Financial Affairs, highlighted the UAE's efforts to strengthen its relations with various countries around the world and to implement laws that support trade and investment 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 implementing the treaty.

Total foreign trade between the two countries for the first nine months of 2015 amounted to just USD40.3m, according to the UAE's Ministry of Finance.

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