A partial scope trade agreement with the Dominican Republic appears on the horizon of Ecuador’s trade agenda, after the signing of a memorandum of understanding in November 2020, with which a joint working group was established to boost and promote trade exchanges , investments and the productive chain of the two countries.
The Minister of Production, Julio José Prado, met this week with the Foreign Minister of the Dominican Republic and his team, in order to review the progress of the memorandum with a view to a future negotiation of an agreement.
Guillermo Lasso ratifies the ten countries with which Ecuador seeks to sign trade agreements in the next three years
With the Dominican Republic, Ecuador historically maintains a positive trade balance: in 2021 non-oil exports to this destination reached $106 million, showing growth of 21.1% compared to the same period in 2020 ($ +18 million).
The main export products were raw tobacco; other metal manufactures; leather, plastic and rubber manufactures; vegetable extracts and oils, and natural flowers. In 2021, according to the Senae database, 448 Ecuadorian companies exporting to the Dominican Republic are registered; In addition, it is highlighted that non-oil exports represent 99.9% of the total shipments from Ecuador to this destination.
Meanwhile, the State portfolio reported that Prado held meetings with the Ministry of Industries, Commerce and Mypimes, Prodominicana; with the National Council of Free Zones and the Office of Agricultural Treaties, to address issues of bilateral interest.
Prado made known the current trade policy of Ecuador to the productive sectors of the Caribbean country, with the presence of representatives of the National Council of Private Enterprise (Conep), the Association of Industries of the Dominican Republic (AIRD), the Dominican Association of Francas (Adozona), the Dominican Association of Exporters (Adoexpo), the Chamber of Commerce and Production of Santo Domingo, as well as the Chamber of Commerce and Production of Santiago.
Yesterday, we received #DPWorld to the Minister of Production, Foreign Trade, Investments and Fisheries of the Republic of Ecuador, José Julio Prado, who was received at our facilities by company executives. pic.twitter.com/p3h94v8suY
– DP World Caucedo (@DPWORLDCAUCEDO) February 23, 2022
At the end, the Ecuadorian delegation visited the facilities of DP World Caucedo in the Caribbean country, to learn about the operation of its free zones and the importance they may have for a potential implementation in Ecuador.
Source: Eluniverso
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
