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Xinhua | 21 December 2016
Ecuadorian president ratifies trade agreement with EU
Ecuadorian President Rafael Correa on Tuesday issued an executive order ratifying his country’s trade agreement with the European Union (EU).
This marked the final step of the bilateral treaty, which will take effect on Jan. 1, 2017.
"Following the approval of the (National) Assembly, I just ratified the trade agreement with the European Union. This year we achieved what they said was impossible," Correa said via Twitter.
The assembly approved the deal late Monday, which will allow "more than 99 percent of Ecuador’s exports to enter the EU without paying tariffs, which fundamentally benefits the agricultural industry, the fishing sector and budding industry," state news agency Andes said.
The EU’s 28 member countries represent a potential market of over 500 million consumers for Ecuadorian tuna, shrimps and other goods. The EU is also the main market for Ecuador’s non-oil exports, accounting for around 25 percent of total.