Home Economy Canada and Ecuador are working together to explore a free trade agreement

Canada and Ecuador are working together to explore a free trade agreement

by SuperiorInvest

Since 2017, Canada has been negotiating a trade agreement with the Pacific Alliance, which includes Chile, Colombia, Mexico, Peru, and soon Ecuador

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Trade Minister Mary Ng said she and her Ecuadorian counterpart agreed to explore the possibility of a free trade agreement between the new countries, the latest example of the Canadian government’s attempts to reduce its dependence on trade with the United States and China.

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Ng did it notification from Mexico City on November 24. She and Ecuador’s Trade Minister Julio José Prado are attending a summit of the Pacific Alliance, a trade bloc made up of four Latin American countries with a history of openness to freer markets: Chile, Colombia, Mexico and Peru.

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Ecuador, a Pacific nation of about 18 million people that borders Colombia and Peru, Yippee expected join the group before the end of the year. Meanwhile, Canada was negotiating a trade agreement with the Pacific Alliance as of 2017, describing the interviews as an attempt to “modernize and streamline our existing agreements” and “expand elements of these existing bilateral agreements”.

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The talks with Ecuador come as Prime Minister Justin Trudeau’s trade policy has changed after years of harrowing confrontations with the world’s biggest economies. Trudeau’s attempt to sign a free trade deal with China after he was first elected in 2015 ultimately failed, and he then spent the better part of two years negotiating a new North American Free Trade Agreement after former President Donald Trump threatened to end the Canadian deal. privileged access to the world’s largest economy.

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Ecuador is small and relatively poor, with a per capita gross domestic product of US$6,000, according to to the World Bank.

However, trade relations with Canada are increasing. Canadian direct investment in Ecuador has tripled over the past five years will exceed $3.7 billion in 2021, while bilateral trade in goods covered 953 million dollars. Ecuador mainly provides Canada with agricultural products, including wheat, tropical fruits and flowers, while Canada provides oats, lentils, wheat, peas and barley.

Ecuador false to open a new business office in Ottawa on Dec. 1, a press release said.

In the coming weeks, Canada will consult with Canadians about their thoughts on the Canada-Ecuador Free Trade Agreement.

“Canada and Ecuador are important trading partners in the hemisphere and share a commitment to democracy, human rights and the international rules-based system,” the press release said.

• By e-mail: mcoulton@postmedia.com | Twitter:



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