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Ecuador Improving Its Trade Relations

by Mike Godfrey, Tax-News.com, Washington

22 June 2011


Ecuador has participated in a series of meetings and negotiations with various jurisdictions, in an effort to strengthen its international trade relations.

Most recently, talks were held with Turkish ministers, from June 14-17. Top of the agenda was the first round of negotiations on a free trade agreement (FTA) between the two countries.

The Ecuadorian Foreign Ministry has said that it reiterated its stance that trade should be used to generate wealth and economic growth, and incorporate traditionally marginalized sectors.

The government also intends for the FTA to take into account economic differences between Turkey and Ecuador, thus allowing for differential treatment to be implemented.

Topics also discussed over the three days included the treatment of small and medium-sized enterprises (SMEs), and delegates noted the possibility of an agreement designed to improve the performance of SMEs through the sharing of experience, technical assistance and joint action.

The next round of FTA negotiations will be held from August 1-5, with a view to concluding the talks by the end of the year.

A conference was also held with Indonesian representatives, on June 15, to discuss the challenges and opportunities presented by the bilateral relationship.

The Foreign Ministry noted that both countries can increase cooperation in economics, trade and mining. The need to promote trade and hold regular bilateral meetings was also stressed.

On June 10, at a meeting with members of the Colombian government, it was agreed that the countries will work together to deepen trade relations, tourism and investment.

In addition, a meeting between Ecuadorian and Venezuelan heads of state on June 7 resulted in the conclusion of several new agreements, including ones relating to science and technology, agriculture and trade.

TAGS: free trade agreement (FTA) | Venezuela | mining | Colombia | Ecuador | agreements | Indonesia | trade | Turkey

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