A memorandum of understanding, intended to bolster political dialogue and cooperation over the next ten years, was formally signed between the European Union (EU) and Ecuador.
This occurred on the sidelines of the EU-Community of Latin American and Caribbean States (CELAC) summit in Brussels.
The EU’s Foreign Affairs representative, Josep Borrell, and Ecuador’s Foreign Affairs Minister, Gustavo Manrique, were the signatories, with President Guillermo Lasso of Ecuador present.
Eight key priority areas were identified in the agreement, including environmental initiatives such as combatting climate change and promoting sustainable growth and circular economy.
Further priorities encompass the economic and social agenda, focusing on promoting sustainable and inclusive growth, supporting small and medium enterprises, and enhancing digital innovation.
The memorandum also highlights educational and scientific collaboration, development cooperation, security issues, migration management, investment promotion in various sectors, and multilateral cooperation in global and regional foreign policy.
This agreement could lay the groundwork for a comprehensive future bilateral political agreement, to supplement the multi-party trade agreement between the EU, Ecuador, Colombia, and Peru.
Since the implementation of the free trade agreement with the EU in 2017, the EU has become Ecuador’s first direct foreign investor and the third largest trading partner.
The agreement acknowledges Ecuador’s significant role in multilateral forums and its commitment to the principles of human rights, democracy, and the rule of law.