Ecuador surpasses Colombia and Peru in GDP growth, generated by the agreement with the European Union, according to the Bloc’s counselor

Ecuador is one of the countries that have benefited the most from the trade agreements that the States of the region maintain with the European Union (EU), since the treaty that has already served five years has represented a growth of 0.16% of the gross domestic product (GDP) in the years of application of the agreement, a figure that exceeds those experienced by Colombia or Peru.

Banana is the first Ecuadorian non-oil export product in the European Union. In January and February of this year, the country sent fruit worth $183 million. Shrimp follows with $172 million.

This, according to the analysis of Inmaculada Montero, commercial counselor of the Delegation of the European Union in Ecuador , who participated in a meeting organized by the Official Spanish Chamber of Commerce and Industries of Quito to take stock of the five years of the commercial agreement between the EU and Ecuador.

The event, sponsored by Kypross and Universae, had a large influx of entrepreneurs and companies.

For her part, Carmen Sánchez-Laulhé, president of the Chamber , pointed out that trade agreements have proven to be a tool for competitiveness and productivity, which allows Ecuador to open up to the world, which generates employment and opportunities.

“The agreement with the European Union marked a turning point for Ecuador and its foreign trade,” said Sánchez-Laulhé, who expressed that although it is true that Ecuador still has few agreements when compared to other cases in the region, he highlighted the Government expectations of wanting to close between three and four new treaties before the end of this year, some of them with Mexico, South Korea and China.

Montero added that the agreement has allowed an important development for several Ecuadorian industries, especially the agri-food industry, whose exports to the EU increased by 6%. As an example, said the minister, one of every three bananas consumed in the Union comes from Ecuador.

Banana is the first Ecuadorian non-oil export product in the EU. According to figures from the Central Bank of Ecuador, in January and February of this year the country sent $183 million worth of fruit to that block. Shrimp follows with $172 million .

Meanwhile, in the specific case of the bilateral relationship between Ecuador and Spain, Carla Cohí, Economic and Commercial Counselor of the Embassy of Spain , analyzed the impact of the trade agreement from that perspective.

He indicated that after the implementation of the agreement with the EU, Ecuador reached a record in its bilateral trade with Spain, which is also very balanced, with a coverage rate (the percentage of exports that are covered by imports) of 99.9%. .

“The Spanish and Ecuadorian economies are complementary,” said Cohí, who stressed that in a single year the number of Ecuadorian companies that export to Spain went from 4,000 to 13,000.

He highlighted the resilience of the Ecuadorian economy, “which in 2021 not only recovered the export figures to Spain before the pandemic, but also exceeded them, thanks in large part to the agreement with the EU.”

However, he recalled that Spain is negotiating the renewal of the bilateral investment treaty, which ends in June this year. He set as an objective that the signatories undertake to respect foreign investments as their own, granting legal certainty to all parties.