Ecuador and Canada Set to Commence Trade Talks by March 2024

15 Dec, 2023

Ecuador and Canada Set to Commence Trade Talks by March 2024

Ecuador is gearing up for significant trade negotiations with Canada, aiming to initiate discussions in March 2024. Sonsoles García, the Minister of Production, Foreign Trade, Investment, and Fisheries in Ecuador, made a noteworthy announcement about the planned trade agreement between the two nations. This strategic move comes on the heels of a meeting between Ecuador's Foreign Affairs Minister Gabriela Sommerfeld and Canadian Ambassador Stephen Potter in Quito, solidifying the timeline for these crucial negotiations.

The decision to pursue these talks stemmed from Canada's expressed approval to begin negotiations for a free trade agreement with Ecuador. The anticipation surrounding this agreement is substantial, with Ecuador's Ministry of Production projecting that the implementation of such a bilateral trade agreement could potentially foster the creation of around 40,000 new jobs within the country, signaling a significant boost to its economy.

Presently, Canada holds the position as Ecuador's eighth-largest destination for non-oil exports. This bilateral trade potential is particularly promising for Ecuador, with a notable statistic indicating that 78% of Ecuadorian companies exporting to Canada fall under the category of micro, small, and medium-sized enterprises (MSMEs).

Sonsoles García, who assumed office recently, emphasized the strategic focus of President Daniel Noboa's government on trade policies. In addition to negotiations with Canada, the government's agenda includes seeking approval from the United States for the Individuals with Disabilities Education law, demonstrating a multi-faceted approach to international relations and trade initiatives.

The collaboration between Ecuador and Canada signifies a substantial step towards expanding trade prospects for Ecuador, potentially enhancing job opportunities and economic growth while solidifying ties between the two nations.