On Thursday, the Canadian government approved the start of trade negotiations with Ecuador.
This decision reflects a shared goal of deeper economic and trade integration. Set to commence in March 2024, these talks are a key step for both nations.
Canada is a major market for Ecuador, especially for its non-oil exports.
The Ecuadorian government sees this agreement as an opportunity. It will allow Ecuador to engage more in global value chains and diversify its exports.
Additionally, the agreement aims to enhance the quality of Ecuadorian export products.
It also seeks to strengthen trade ties and access new technologies while attracting more investments.
Around 2,000 Ecuadorian export products could benefit from reduced tariffs under this agreement.
Furthermore, it is expected to generate approximately 40,000 new jobs in Ecuador’s export sector.
These jobs will mainly be in small and medium-sized enterprises and in community-based economies.
Sonsoles García, Ecuador’s Trade Minister, has emphasized the government’s strategy. It focuses on boosting exports to create jobs and bolster the national economy.
This strategy includes a commitment to inclusivity, particularly involving minority groups in Ecuador’s economic activities.
The minister’s remarks underline the government’s dedication to inclusive economic development and diversification.
In summary, these negotiations between Ecuador and Canada represent a significant development.
They symbolize a mutual effort to foster economic growth and cooperation.
The anticipated benefits, like job creation and export diversification, highlight the potential positive impact of this trade agreement on both countries.