In the third week of March, it was announced that negotiations for a trade agreement between Ecuador and Canada had begun. This was indicated by the Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador, Sonsoles García, after holding a virtual meeting with the Canadian Minister of International Trade, Mary Ng.
The official from the Andean country indicated that during the meeting held on February 1, the steps that must be followed to begin negotiations on this international instrument were reviewed, which will have prior technical meetings.
For her part, the Canadian minister described the meeting with the Ecuadorian as fruitful, and commented that they talked about “how to continue generating new job opportunities,” including the trade agreement between the two countries.
According to a statement issued by the Government of Canada, the Canadian Minister also highlighted Canada's continued interest, as the largest foreign investor in Ecuador, in cooperating in responsible mining, a key area for Canadian investment. Additionally, he highlighted Canada's support for Ecuador's efforts to “protect its citizens, protect human rights and fight organized crime.”
Garcia stated, in his account Furthermore, 78% of businesses exporting to Canada are small, small and medium-sized, grassroots and solidarity economy businesses.
Diplomatic relations between Ecuador and Canada began in 1960, according to the Canadian government, but bilateral relations began at the beginning of the 20th century. In addition, he noted that about 25,000 Ecuadorians live in Canada and 3,000 Canadians reside in Ecuadorian territory.
Regarding the income generated as a result of bilateral trade between Ecuador and Canada, the Canadian government indicated that in 2022 it amounted to 1.3 billion US dollars, which represents a 35% increase compared to 2021. Among the products that make up most of Ecuador's trade include agricultural products, which include Tropical fruits, flowers, cocoa and seafood are brought to Canada, while wheat, lentils and peas are among the products that come from that country to Ecuador.
In 2022, Canada's direct investments in Ecuador reached $2.6 billion, and have tripled in the past five years.
The Government of Canada is also reviewing the process to get to the point it is at today. In November 2022, the two countries announced the start of exploratory discussions towards a potential trade agreement.
Then, on 13 December 2023, Minister Ng submitted notice of the government's intention to begin negotiations on the agreement to her country's House of Commons (Parliament).
After learning that Minister Ng had submitted a notice of intent to Parliament, former Ecuadorian Production Minister Julio José Prado celebrated the decision. In November 2023, former Production Minister Daniel Legarda had indicated that the Canadian Parliament was expected to approve the start of negotiations between January and February 2024.
