South Korea and Ecuador Agree to Accelerate Talks for Proposed Free Trade Agreement


On Wednesday, South Korea’s Ministry of Trade, Industry and Energy announced that it had reached an agreement with Ecuador to expedite negotiations for a proposed bilateral free trade agreement and to deepen their ties in the global supply chain.

Trade Minister Ahn Duk-geun and his Ecuadorian counterpart, Daniel Legarda, held a virtual meeting to discuss the Strategic Economic Cooperation Agreement (SECA). Nine rounds of talks have been held since 2016, with the most recent one taking place in April.

The two sides also discussed ways to increase bilateral trade and investment, as well as to collaborate in the global supply chain. South Korea mainly exports manufactured goods, while Ecuador mostly ships energy, metal resources, and agricultural products. The SECA is expected to help South Korea to diversify its import portfolio of energy sources and other key resources, such as gold, silver, and zinc.

In the photo provided by the Ministry of Trade, Industry and Energy on July 20, 2023, Trade Minister Ahn Duk-geun is seen. (PHOTO NOT FOR SALE) (Yonhap)

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