Korea-Ecuador Agree to Expand Trade and Investment and Strengthen Supply Chain Cooperation

Video Conference with New Minister of Production, Foreign Trade, Investment, and Fisheries of Ecuador

The Ministry of Trade, Industry and Energy announced that on the 9th, Andukgeun, Chief Negotiator for Trade, held a virtual meeting with Daniel Legarda Touma, the newly appointed Minister of Production, Foreign Trade, Investment, and Fisheries of Ecuador, to discuss ways to advance negotiations on the Strategic Economic Cooperation Agreement (SECA) between South Korea and Ecuador. They also exchanged views on expanding trade and investment with Ecuador, an important emerging market in Latin America, and strengthening supply chain cooperation.

Minister Legarda assumed office as Ecuador's Minister of Production, Foreign Trade, Investment, and Fisheries on the 3rd of last month. He previously led the Ecuadorian government delegation to Seoul in April for the 9th official round of the Korea-Ecuador SECA negotiations.

Since resuming discussions on the Korea-Ecuador SECA in Seoul last July after a six-year hiatus, both sides have narrowed their differences through four official negotiation rounds and multiple intersessional meetings. At today's trade ministerial meeting, they confirmed the progress made so far and agreed to promptly conclude the remaining negotiations.

Ecuador is one of South Korea's top five export markets in the Latin American region but remains relatively untapped. South Korea mainly exports manufactured goods, while Ecuador primarily exports energy, mineral resources, and agricultural and fishery products, creating a mutually complementary economic structure. The Ministry of Trade, Industry and Energy expects that the conclusion of the SECA will further activate the diversification of exports, investment, and market entry by Korean companies.

Additionally, by including provisions for supply chain cooperation in the SECA agreement, it is expected to strengthen supply chain collaboration with Ecuador, which is rich in energy and resources such as crude oil (ranking third in Latin America for oil reserves), gold, silver, copper, and zinc. This will contribute to diversifying South Korea's energy supply and enhancing the stability of supply chains.

Andeok Geun, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy. (File photo)
[Image source=Yonhap News]

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