2024-03-11 02:30:16
Ecuador will begin negotiations for a future trade agreement with Canada, the Andean nation’s Ministry of Production, Foreign Trade, Investment and Fisheries reported this Tuesday.
The institution indicated that the head of Production of Ecuador, Sonsoles García, held a bilateral meeting with the Canadian Minister of Foreign Trade, Mary Ng, where they spoke about it.
“We outline the next stepsprior to starting the formal negotiations of a trade agreement with Canada,” García detailed in his account on X.
He added that they plan to hold the first round of negotiations to search for that agreement next April.
“We are committed to negotiating a comprehensive agreementwhich promotes our insertion into value chains, diversifies the Ecuadorian exportable offer and attracts new investments,” García emphasized.
He added that once this agreement is finalized, “more than 2,000 products from the Ecuadorian exportable supply will enjoy tariff reductions.” According to the minister, Canada is the 12th destination for Ecuador’s non-oil exports.
The Production portfolio of the Andean country also indicated that with the commercial instrument they project the generation of “40,000 jobs”.
Other treaties
During the last administration of Guillermo Lasso, Ecuador concluded agreements with Costa Rica, China and South Korea and signed a memorandum of understanding with the Dominican Republic to begin negotiations.
The document signed with China was approved on February 7 by the National Assembly of Ecuador and ratified, a week later, by the current president, Daniel Noboa.
Source: KCH