Ecuador achieves agreement with the richest in Europe

"We bring Ecuador closer to the world!", affirmed on Twitter the Ministry of Foreign Trade, in a remarkable week for Ecuadorian diplomacy

Ecuador achieves agreement with the richest in Europe

Ecuador had a good week to reach agreements that reactivate their international relations, which in Correa's time had been relegated due to the position of his government. The current president, Lenín Moreno, with a totally different position, has given an impulse to Ecuador's role in the world. This week was announced in Brussels the end of negotiations of a free trade agreement with the countries of the European Free Trade Association (EFTA), and the closure of an agreement in which the United States and Ecuador resume their cooperation on security issues.

Leer en español: Ecuador logra acuerdo con los más ricos de Europa

The agreement reached with EFTA opens the markets of Liechtenstein, Switzerland, Norway and Iceland to the South American country, which represent 12.5 million consumers. The Minister of Foreign Trade, Pablo Campana, said that European consumers value organic and certified products, with which Ecuador will compete in these markets. 99% of Ecuadorian export products will be able to enter this market practically without tariffs, which benefits the industry of the South American country, as well as its raw materials. Ecuador will be able to market some types of flowers, fruits, seafood and fish, among other products.

In the last five years Ecuador's exports to EFTA are approximately 80 million dollars, for 120 million dollars of imports. With the agreement, these numbers will be able to increase by removing the tariff barriers. The treaty will be signed next June in Reykjavik, the capital of Iceland. Although the market may seem small compared to others such as the United States or the European Union, the EFTA market groups some of the richest countries in Europe and with a high purchasing power among its consumers. In addition, the type of consumers adjusted to Ecuadorian products and the certified quality they have.

The EFTA was born in 1960 as an alternative to the old European Economic Community. However, several of its members such as Denmark, Portugal and the United Kingdom, withdrew to the current European Union until only the current members remained. Despite this, the group has not lost its economic importance. The EFTA is an effective alternative for those who do not belong to the European Union and with the Brexit it is not ruled out that the United Kingdom will return.

To this commercial agreement, the government of Lenín Moreno added a second success for the foreign policy of his country when they reaffirmed cooperate on security issues with the United States, a country with which Ecuador had some distance while Correa was in the presidency. The agreement focuses on the fight against drug trafficking through the exchange of information and intelligence, specifically with the Immigration and Customs Enforcement Service of the United States (ICE) and the Anti-Drug Agency (DEA). That was announced this week by former minister of Interior César Navas, who explained that in December of 2017 the dialogues with the US government began, and this could be extended to other areas of bilateral cooperation. On April 27, 2018, César Navas presented his resignation to the president of Ecuador.


Latin American Post | Luis Angel Hernández Liborio

Translated from "Ecuador logra acuerdo con los más ricos de Europa"

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