A delegation of exporters traveled to South Korea to accompany the Ecuadorian negotiating team, which hopes to conclude negotiations on a trade agreement with that Asian country these days.

Two directors of the Corporation of Export Federations of Ecuador (Cordex) traveled to Seoul last Friday for the latest round of negotiations: José Antonio Camposano, president of the Cordex Board of Directors, and vice president José Antonio Hidalgo. They will monitor the Corporation’s contributions in public-private working groups.

Ecuador’s negotiating team travels to South Korea to finalize a trade deal and cut tariffs of 20% and 30%

“From the beginning of the administration of the current government, Cordex insisted on the need to get closer to Asia. Therefore, the main goals of the negotiation agenda were the signing of a free trade agreement with China and the continuation of negotiations with South Korea. Today, the negotiation process with China has ended favorably and we are about to participate in the last round of negotiations with South Korea, which we hope will meet the set expectations,” said Camposano, who is also the executive president of the National Chamber of Aquaculture.

“Based on the free trade agreement signed by South Korea, duty-free entry is generally granted for 90% of all tariff items. This agreement is important because – firstly – we are talking about a market of 50 million inhabitants, and – on the other hand – our export offer, especially of primary products, is concentrated on bananas, cocoa and fishery and aquaculture products. I am sure that signing a trade agreement with South Korea will reduce the trade deficit, which according to the country’s customs data, amounted to 570 million dollars in 2022″, added José Antonio Hidalgo, who is also the executive director of the Association. exporter of bananas from Ecuador.

Ecuador currently exports its non-oil and non-mining products to that destination, but with a tariff of between 20% and 30% and that is what it wants to eliminate with the signing of the agreement. In 2022, according to data from the Central Bank cited by Cordex, 89 million dollars of these products were exported. Shrimp, bananas, fish and cocoa stood out among the main ones.

97% of the export supply from Ecuador to Costa Rica will benefit from the trade agreement

The latest round of negotiations with South Korea foresees closing the tables that are still pending. For this reason, this export sector considers this appointment crucial to determine whether the negotiations have been completed and what results have been achieved.

It is also interesting for Cordex that trade favors the entry of machinery and technology from Korea.

And he reiterates the importance of finalizing this agreement for the benefit of export supply and the creation of new jobs and foreign exchange, as well as the need for an urgent competitiveness plan so as not to lose market share in other destinations.

The agreement includes a total of 16 issues, including market access, removal of technical barriers to trade, sanitary and phytosanitary measures, trade defense, rules of origin, cross-border trade in services, institutional provisions, dispute settlement and investment. New generation subjects are also included, such as labor and environmental issues, market competition, telecommunications, intellectual property, cooperation, electronic commerce and trade in services.

Ecuador is targeting the Dominican Republic and Panama for its next trade deals

Since its establishment in 2021, the Corporation of Export Guilds of Ecuador has actively participated in the meetings of the Fourth Deputy led by the Ministry of Production, Foreign Trade, Investments and Fisheries.

It gathers more than 700 companies, creates close to 900,000 direct and indirect jobs and represents more than 13,000 million dollars in foreign currency in 2022. Form: