The Strategic Economic Cooperation Agreement (SECA) between Ecuador and South Korea is starting to be socialized, highlighting the commercial opportunities it will generate for these complementary economies. During the Korea – Ecuador Economic Cooperation Seminar, held in Quito on June 4, 2024, representatives of the public and private sectors discussed Ecuador's economic situation and the commercial and infrastructure projects that could benefit from the agreement, which they expect will enter into force in the second half of the year.
The agreement was "pre-signed" in October 2023. It is currently being translated and undergoing a technical and legal review; a process that should be completed in the coming months, stated the Minister of Production and Foreign Trade, Sonsoles García. This step is crucial so that the agreement can be approved by the Constitutional Court and ratified by the National Assembly.
The treaty, which covers 23 disciplines including trade facilitation, environment, and e-commerce, is one of the most comprehensive and modern agreements that Ecuador has ever negotiated. It offers immediate and term tariff preferences for 98.8% of Ecuador's exportable supply, benefiting shrimp, cocoa, bananas, fisheries, dairy products, pitahaya, mango, and pineapple, among other products.
Jaehyun Shim, Korea's ambassador to Ecuador, said the SECA was a milestone in 60 years of bilateral relations that would positively impact the growth of Ecuadorian exports to Korea and overall economic development.
Source: expreso.ec