February 23, 2024

Trade Agreement Negotiations » latinapress news

The Canadian government has approved the formal opening of negotiations on a trade deal with Ecuador on Thursday (14). This corresponds to the interest in greater economic and trade integration in the two countries’ markets. According to Ecuador’s Ministry of Production, Foreign Trade, Investment and Fisheries, negotiations are expected to begin in March 2024. Canada is the eighth largest destination for the Andean country’s non-oil exports. The Government of Ecuador emphasized that the South American country will help the South American country better participate in global value chains, promote export diversification, increase the added value of its export offering, strengthen trade and cooperation relations, and provide greater access to maintain new technologies. To attract more investment.

2,000 products from Ecuador’s export concession will benefit from tariff reductions as a result of the trade agreement. In addition, around 40,000 new jobs will be created in the local export sector, particularly in micro, small and medium enterprises, and in the national and solidarity economy. “The trade policy promoted and implemented by the government aims to increase Ecuadorian exports to create jobs and strengthen the national economy, focusing on the inclusion and greater participation of minority groups in the Ecuadorian economic cycle,” emphasized the Minister of Trade. , Sonsols Garcia.