After 6 years, Ecuador resumes negotiations for a trade agreement with South Korea

Ecuador is heading to sign a trade agreement with South Korea, after resuming negotiations with the Asian country after six years.

Both nations signed a joint declaration on Wednesday that recognizes the importance of an open, fair and transparent trading environment amid the impact caused by the COVID-19 pandemic, in addition to building a long-term relationship based on trust and cooperation. in the existing commercial areas, reported the Ministry of Production, Foreign Trade, Investments and Fisheries.

Trade agreement with Ecuador and renewal of the GSP, priority issues for the US Secretary of State during his visit to Quito

Korea represents a market of more than 51 million inhabitants, with a GDP per capita (dollars at current international prices) of $32,143, to which Ecuador exported $124.7 million in non-oil products in 2021, while between 2017 and 2021 non-oil exports were recorded for more than $530 million.

The main non-oil products shipped from Ecuador are shrimp, bananas, fishmeal, metal manufactures, cocoa, and fish.

“By signing this instrument, Korea and Ecuador affirm that both parties will cooperate as strategic partners to strengthen mutual efforts in seeking accession to the Pacific Alliance and the Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP), in order to strengthen its position in terms of trade and investment”, affirmed the State Portfolio.

The signing comes after the meeting that Minister Julio José Prado held with his South Korean counterpart, Han-Koo Yeo, who was the chief negotiator of the agreement in 2016. After the meeting, the technical teams of both countries agreed on the terms for the relaunch of the sixth round of negotiations between the two nations. (I)