Signing a memorandum of understanding and how to bring Ecuador open for business to South Korea was part of the agenda of Ecuador’s Minister of Production, Foreign Trade, Investments and Fisheries, Julio José Prado, in the country with which he hopes to sign a trade agreement in the coming months. the rest of this government.

The minister said that Ecuador hoped that the signing could take place in two or three months and that, if possible, it would coincide with the visit of President Guillermo Lasso to that country. “There are 24 negotiation disciplines; Never before have we had an agreement – with a developed country like South Korea – as large and comprehensive as this one. This includes services, investments, cooperation, access to markets, public procurement, intellectual property,” he said in an interview with the agency. EFE.

Ecuador discusses cooperation, trade and investment at meetings in South Korea

Prado was in Seoul this week for meetings with representatives of the public and private sectors and Asian countries. They discussed with their counterpart Ahn Duk-geun the next steps to move forward with the signing of the agreement. “It is expected to be implemented this year after alignment with internal processes. In addition, it was possible to improve the activation of the dialogue mechanism between companies in order to learn about and take advantage of the future agreement,” the Ministry of Production reported.

He met with the authorities of the Korea Federation of Entrepreneurs to discuss the Korean economic situation, current schemes and challenges facing its economy. And from the Korea Institute for the Advancement of Technology (KIAT) with the goal of creating a Center for Technological Development.

Trade agreement: Ecuador announces the technical end of negotiations with South Korea

“With the CEO of Kotra, Jeong Yeol Yu, we talked about various topics, especially holding Ecuador Open For Business here in Seoul after we finish signing a free trade agreement (FTA) with this country, with investments from Korea that can go to Ecuador to work on issues of logistics, transportation, ports, airports and infrastructure construction in our country,” said Prado.

Kotra offers support for establishing international business in Korea, investment consulting and business opportunities at trade fairs, missions.

A memorandum of understanding was also signed with Born2Global, an agency of the Korean Ministry of Science and ICT. According to the ministry, this cooperation instrument will promote the technological transformation of small and medium-sized enterprises and entrepreneurship. The idea is also to open opportunities for Ecuadorian ventures in the world through cooperation and joint work with Korean companies.

Born2Global Center has a wide network of partners in more than 40 countries and has supported a total of 2,962 start-ups through its axes: market consulting, start-up programs, as well as technology and joint venture.

The minister toured the Incheon Free Economic Zone, an area created by the Korean government as a commercial-residential district, a logistics complex, an international business center with schools, hospitals and entertainment venues. “We are exploring how free zones in Asia, and especially Korea, can also be a business model for Ecuador,” Prado said.

The minister expressed the benefits of a free trade agreement with South Korea, since a trade agreement scenario would open doors as it has happened with Costa Rica, a country with which new trade ties are already being established.

Procomer opens headquarters in Guayaquil to promote exports and trade relations between Costa Rica and Ecuador

The Costa Rica Foreign Trade Promoter (Procomer) opened its new commercial headquarters in Ecuador on June 8, with the aim of strengthening trade relations between the two countries and promoting Costa Rican exports.

This entity points out that Ecuador and Costa Rica signed a trade agreement in record time, after six months of negotiations and 20 working groups, covering different production sectors, especially fisheries and aquaculture.

In addition, it highlights other key aspects of the strategic alliance between the two countries: