President Lenin Moreno announced the signing of the preliminary FTA
Jackson Torres, Vice Minister of Production and Industries, said that the rapprochement between Ecuador and the United States is important because this will allow a future trade agreement, the same one that could be finalized in up to a year if the new Government continues at the same rate.
Ecuador’s Committee of Foreign Trade (Comex) authorized the beginning of negotiations for the subscription of a preliminary Free Trade Agreement (FTA) with the United States on December 7.
Foreign Trade Minister Ivan Ontaneda explained that the preliminary FTA will not address «sensitive issues» such as trade in agricultural goods.
The negotiations will be focused on issues such as export facilitation, better regulatory practices, anti-corruption in trade processes, and the development of micro, small, and medium enterprises.
According to official figures, despite the difficulties caused by the COVID-19 pandemic, the U.S. has become the main destination for Ecuadorian exports.
Torres stressed that the first approach allowed the entry of roses to the northern country without tariffs. They hope that other Ecuadorian products have the same benefit
Supporting the signing of the preliminary FTA, the Ecuadorian Federation of Exporters insisted on the need to strengthen the shipment of national products to attract more foreign currency.
President Lenin Moreno announced the signing of the preliminary FTA, which has been listed as a major goal on his administration’s foreign trade agenda along with the talks for the inclusion of the country as an associate member of the Pacific Alliance.
The beginning of the negotiations will take place in the midst of the political campaign for the presidential elections to be held in February 2021.
As of November 23, the National Electoral Council (CNE) has processed 17 duplicates for the Presidency and Vice Presidency, of which only 15 have been officially qualified to participate in the general elections.