The president of Ecuador, Lenín Moreno , signed an update on the trade agreement he has with Chile on Thursday.
Through a teleconference, the President signed the agreement in the presence of his Chilean counterpart, Sebastián Piñera, as one of the decisive steps to be admitted as a member of the Pacific Alliance, also formed by Colombia, Peru and Mexico .
Before signing the agreement, the Chilean president indicated that it is a state-of-the-art Free Trade agreement in which issues such as electronic commerce have been incorporated, and legal certainties are included for the security of both countries.
The President informed that this agreement will benefit 710 Ecuadorian companies that export products to Chile for $ 1,624 million annually . “They are sales side by side, we all win,” he said.
Moreno added that the agreement with Chile, added to a future agreement with Mexico , and a possible incorporation to the Pacific Alliance are the way to an agreement with the United States .
Economic boost for Ecuador
Speaking to the international press , Iván Ontaneda, Minister of Production and Foreign Trade , explained that it is “a modern trade agreement”, which not only covers commercial aspects, but also understandings in the financial and investment areas.
The minister indicated that for the Pacific Alliance, 82% of the companies that would participate in it would come from small and medium enterprises. (I)