The treaty opens up preferential access for almost 99% of the Ecuadorian exportable supply in the South Korean market
President Daniel Noboa ratified by executive decree the Strategic Agreement for Economic Cooperation between Ecuador and South Korea, after their approval in the National Assembly, thus consolidating a key step in their implementation
.The agreement will allow approximately 98.8% of Ecuadorian exportable supply to enter the South Korean market with zero tariffs, either immediately or progressively depending on the type of product.
According to export sector projections, this instrument could generate an increase of around 367 million dollars in exports, strengthening the country's presence in
Asia and diversifying markets.Among the products benefited, shrimp, cocoa, coffee, chocolate, bananas, flowers and other agricultural goods stand out, considered strategic for the Ecuadorian economy due to their high international demand.
The agreement must still be approved by the South Korean Congress and formalized through the exchange of diplomatic notes, before its definitive entry into force between the two countries.
