Ecuador projects 27% growth in non-oil exports due to agreement with Korea

Ecuador and South Korea signed the preliminary trade agreement. This was reported by President Guillermo Lasso on the night of October 10, 2023. That would mean opening to a market of 51 million people.

The Minister of Production Daniel Legarda signed the preliminary agreement with Korea.

Lasso said: “ The impact will be for 98.8% of our current exportable supply that will receive tariff benefits.” From today the meetings began in the Asian country in which Foreign Minister Gustavo Manrique and the Minister of Production, Daniel Legarda, participate.

The President pointed out that there is a growth projection in non-oil exports of 27%. “All this will translate into greater competitive advantages, economic growth, job creation and benefits for Ecuadorian families,” Lasso wrote in his X account.

For its part, the Ministry of Production indicated that the Strategic Economic Cooperation Agreement between Ecuador and South Korea (SECA) was reached in Seoul, with the pre-signature of Trade Ministers of both nations.

The benefits of the agreement also include Korea’s cooperation in areas such as efficient production, innovative methods and machinery for recycling products; and, establishment of a technological plant for the development of the food industry in Ecuador.

“The pre-signature is a mandatory process in order to ratify the agreements between the parties and guarantee the integrity and precision of the text negotiated in the document,” reported the Ministry of Production.