Both sides join hands to lower tariffs and non-tariff barriers
Trade Minister Yeo Han-koo held online talks with Ecuador’s Production, Foreign Trade, Investment and Fisheries Minister Julio José Prado on March 2 in Mexico City to hold a virtual signing ceremony for resuming the Korea-Ecuador Strategic Economic Complementation Agreement (SECA) negotiations after a 5-year hiatus.
The trade chiefs addressed the commemoration of the 60th anniversary of Korea-Ecuador diplomatic relations, and agreed to put in efforts for reaching a SECA agreement by the end of 2022, the Ministry of Trade, Industry and Energy said on March 8..
They concurred that tariffs and non-tariff barriers should be lowered based on their existing economic cooperation history, and that economic ties be strengthened across various areas like investment, technology, and people exchange.
The two countries’ cooperation will span over newly emerging trade issues as well, including supply chain, digital, and carbon reduction. On the issue of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) for which Korea and Ecuador are both pushing for membership application, the two leaders mutually affirmed their open stance for cooperation.
Ecuador is the gateway to Latin America and rich in oil, minerals and other natural resources. Moreover, Ecuadorian President Guillermo Lasso’s drive for “open door” policy casts a positive light on Korea’s prospects for Latin America exports diversification and supply chain resilience.