By Lee Kap-soo

Minister for Trade Dukgeun Ahn held talks with Ecuador’s recently appointed Production, Foreign Trade, Investments and Fisheries Minister Daniel Legarda Touma on August 9 via videoconferencing to discuss measures to further the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation progress and strengthen bilateral cooperation in trade, investment and supply chain.

The two countries broke the six-year hiatus in July last year by resuming Korea-Ecuador SECA negotiations in Seoul, followed by four official negotiation rounds and multiple sessions. During the trade ministerial talks, the delegations confirmed the outcomes made thus far and agreed to swiftly proceed and close their remaining negotiations.

Ecuador is among Korea’s top five export markets in Latin America but remains relatively untapped. Korea imports energy, mineral resources and agriculture from Ecuador, while Ecuador buys mostly industrial goods from Korea. 

Considering the mutually supplementary economic structure, it is anticipated that once SECA is sealed, more Korean companies will enter Ecuador’s local market and increase their scope of export diversification and investment.

In accordance with SECA, Korea expects to benefit in terms of energy portfolio diversification and supply chain stabilization through bolstered supply chain cooperation with resource-rich Ecuador (crude oil, gold, silver, copper and iron).