Ecuador and South Korea are moving towards the definitive signing of the trade agreement between both countries, called Strategic Economic Cooperation Agreement (SECA)announced this Tuesday, March 19, 2024, the Ministry of Foreign Affairs and Human Mobility at the end of the visit of its owner, Gabriela Sommerfeldto that country.
The meetings and meetings held in South Korea the head of Ecuadorian diplomacy allowed the strengthening of the bilateral relationship in commercial areasinvestments and cooperation.
One of the achievements on the agenda is the progress to sign the Strategic Economic Cooperation Agreement (SECA) between Ecuador and Korea, which will generate significant opportunities for bilateral growth, the Foreign Ministry said in a statement.
«With Korea we have a historic cooperative relationship“The signing of a bilateral trade agreement is in process,” said Sommerfeld.
He Ministry of Foreign Affairs noted that the Korean Foreign Minister, Cho Tae-Yul, committed his good offices regarding the internal process agility that this agreement must follow.
Strategic agreement
He treated free trade between both countries includes a total of 16 topics, including market access, technical barriers to trade, sanitary and phytosanitary measures, trade defense, rules of origin, cross-border trade in services and institutional arrangements.
Likewise, new generation subjects are included such as labor and environmental issues, competition, cooperation, telecommunications, intellectual property, electronic commerce and services.
This new commercial agenda will ensure that the 98% of Ecuador’s current exportable supplysuch as shrimp (prawn), cocoa, banana, fish and dairy products enter the twelfth world economic poweras well as new products such as pitahaya (dragon fruit)mango and pineapple.
Scholarships
The Foreign Ministry indicated that in Sommenfeld’s meeting with the delegate of the Kyungdong University, Nur Alama letter of commitment was delivered for the granting of 300 scholarships aimed at Ecuadorian students.
At the meeting, the University’s support was pledged to promote cooperation in double degree programs and business internships.
On the other hand, Sommerfeld met with the vice president of the Korea International Cooperation Agency (KOICA)Seok-Hwa Hong, to encourage and promote the strengthening cooperation that it offers to the country.
That Korean agency has given economic development prioritysocial cohesion, comprehensive securitythe ecological transition and institutional strengthening, as well as the area of infrastructure development and the field of knowledge transfersays the writing.
During the meeting, the chancellor highlighted the projects that are currently being carried out in Ecuador and that mean investments for the country approximately 37 million dollars. EFE
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