EU and Ecuador Free Trade Agreement Text Released
September 24, 2014
On September 23, 2014, the European Union released the text of the trade agreement between Ecuador and the EU. This will allow Ecuador to partake in the trade agreement the EU has established with Columbia and Peru. Bolivia, Columbia, Ecuador, and Peru each began negotiations with the EU in 2007. However, only Columbia and Peru finalized agreements with the EU. Ecuador re-entered negotiations with the EU in January of this year and the agreement was completed in July. The EU, Ecuador, Peru, and Colombia will now each need to approve the text of the agreement.
Ecuador’s main exports to the EU include fish, bananas, flower, coffee, cocoa, fruits and nuts to the EU. EU exports to Ecuador include automotive products and alcohol. On the official announcement of the text release, the EU wrote “the agreement will not only secure access to markets; more importantly it will also create a stable and predictable environment that will help boost and diversify trade and investment on both sides.”
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