UAE-Japan trade pact aimed at boosting Japanese car exports

The trade pact negotiated last week by the UAE and Japan should strengthen Japanese auto exports by gradually removing tariffs.

The agreement calls for the UAE to eliminate duties on many finished cars from Japan within seven years, easing costs for manufacturers such as Toyota, Nissan and Honda, Nippon reports.

Japanese officials say the deal will help their companies compete more effectively with South Korean automakers, whose country already has a similar trade agreement with the UAE spaced over 10 years.

The UAE has become Japan’s biggest trading partner in the Middle East and Africa, making the Gulf market increasingly important for Japanese car exports.

UAE and Ecuador seal trade accord with $3B in potential deals

Undeterred from pursuing its long-term investment objectives amid Iranian bombardment, the UAE signed a trade pact with Ecuador on Sunday, with more than $3 billion in potential deals on the table.

Dr. Thani Al Zeyoudi, UAE Minister of Foreign Trade, signed the Comprehensive Economic Partnership Agreement at a ceremony in the capital city of Quito on Sunday.

It followed a visit to Ecuador by Abu Dhabi Crown Prince Khaled bin Mohamed, who met with President of Ecuador Daniel Noboa on Sunday ahead of the pact signing.

Among the potential deals is a $250 million collaboration between the UAE’s EDGE Group and Ecuador’s Ministry of National Defense. Ecuador is the fourth Latin American country to sign a CEPA with the UAE, joining Costa Rica, Chile and Colombia.

Al Zeyoudi said the UAE is Ecuador’s largest trading partner across the Arab world and Africa, accounting for about 30% of total trade with the regions combined.