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Ecuador and the Dominican Republic will negotiate a trade agreement

Prensa Latina | 16 November 2023

Ecuador and the Dominican Republic will negotiate a trade agreement

Quito, Nov 16 (Prensa Latina) Ecuador and the Dominican Republic signed a memorandum of understanding to begin negotiations to achieve a bilateral trade agreement, government sources from the Andean nation reported today.

A statement from the Ministry of Production, Foreign Trade, Investment and Fisheries classified this as a “significant step towards the consolidation of commercial ties” because it lays the foundations for determining the scope, methods, modalities and a schedule of future negotiations. .

“We are convinced that joint work will result in a balanced trade agreement that benefits the two brother countries and allows greater integration,” highlighted the head of Production, Daniel Legarda.

Meanwhile, the Ecuadorian Foreign Minister, Gustavo Manrique, highlighted that, within the framework of excellent bilateral relations, the future agreement will promote commercial exchange, investment and productive linkage.

The signing of the document was developed this Wednesday virtually with the Dominican authorities.

Currently, trade between both countries amounts to 140 million dollars.

It will be up to the next Government, led by President Daniel Noboa, to process the next steps if it wishes to finalize the agreement.

The outgoing Executive of Guillermo Lasso leaves three major trade agreements signed (China, Costa Rica and South Korea) and another seven in different stages of negotiation.

 source: Prensa Latina