Ecuador and South Korea begin negotiations for a trade agreement

Image: Expreso

Yesterday in Seoul started the negotiations on a future trade agreement that will allow to increase bilateral exchanges and with which the Latin American country hopes to reduce the trade deficit with its Asian partner.

The future agreement between South Korea and Ecuador will not have the form of a classical free trade agreement (FTA), but a Strategic Economic Partnership Agreement.

The model agreement will include commitments for cooperation as well as transfer of knowledge and technologies between the two countries.

Bilateral commercial exchanges last year reached 1.150 billion dollars, of which 812 million correspond to South Korean exports to Ecuador, according to the International Trade Association of Korea (KITA).

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8288526&idcat=38229&tipo=2