Ecuador Eu Trade Agreement

The European Union (EU) and Ecuador signed a trade agreement on November 11, 2016, after ten years of negotiations. This agreement is a breakthrough for both sides and opens up new opportunities for trade and investment.

The EU is one of Ecuador`s most important trading partners. In 2016, EU exports to Ecuador were worth €2.5 billion, while Ecuadorian exports to the EU were worth €2.2 billion. The new agreement is expected to boost trade between the two regions by eliminating trade barriers and reducing tariffs on goods and services.

One of the key benefits of the agreement is the elimination of tariffs on Ecuadorian bananas exported to the EU. Bananas are Ecuador`s largest export product, accounting for 25% of the country`s export earnings. The agreement ensures that Ecuadorian bananas will continue to have access to the EU market, which is the world`s largest market for bananas.

The agreement also includes provisions on intellectual property rights, public procurement, and sustainable development. These provisions aim to protect the interests of both the EU and Ecuador while promoting sustainable economic growth.

In addition, the agreement provides opportunities for EU companies to invest in Ecuador`s energy, telecommunications, and transportation sectors. This could lead to the creation of new jobs and increased economic growth in both regions.

The EU-Ecuador trade agreement is a win-win situation for both sides. It strengthens economic ties between two important trading partners and promotes sustainable development. The agreement also demonstrates the EU`s commitment to promoting free trade and economic growth through fair and sustainable trade agreements.