Ecuador and Canada will begin negotiating a trade agreement in March 2024

Today, Thursday, the Canadian government agreed to officially begin negotiations with Ecuador to reach a trade agreement, in line with the interest of both countries in achieving greater economic and trade integration with their markets. Negotiations are expected to begin in March 2024, the Ministry of Production, Foreign Trade, Investment and Fisheries said Thursday. Canada is considered the eighth destination for the country’s non-oil exports. The Ecuadorian government stressed that the agreement will allow it to better integrate into global value chains, promote export diversification and increase the added value of its exportable offer, strengthen trade and cooperation relations, as well as improve access to new technologies. And attract more investments. It is estimated that 2,000 products of Ecuador’s exportable supplies will benefit from tariff reductions as a result of the trade agreement. In addition, it is expected that 40,000 new jobs will be opened related to the local export sector, especially micro, small and medium enterprises and the popular and solidarity economy. Sector Minister Sonsólis stressed that “the trade policy promoted and implemented by the government seeks to promote Ecuadorian exports to generate employment opportunities and strengthen the national economy, with an emphasis on the integration of minorities and their greater participation in the Ecuadorian economic circle.” Garcia.