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| ▲ This photo, provided by South Korea's industry ministry, shows Trade Minister Ahn Duk-geun (R) shaking hands with his Ecuadorian counterpart, Julio Jose Prado, ahead of their talks in Seoul on June 15, 2023. (PHOTO NOT FOR SALE) (Yonhap) |
S Korea-Ecuador-trade pact
S. Korea, Ecuador strike free trade agreement
SEOUL, Oct. 11 (Yonhap) -- South Korea struck a free trade agreement with Ecuador on Wednesday, which is expected to boost bilateral trade and investment and help South Korea diversify its trade portfolio, the industry ministry said.
South Korea's Industry Minister Bang Moon-kyu and Ecuador's trade minister, Daniel Legarda, signed the joint statement on the conclusion of negotiations for the Strategic Economic Cooperation Agreement (SECA), a type of free trade deal, in Seoul, according to the Ministry of Trade, Industry and Energy.
The two sides launched negotiations for a free trade agreement (FTA) in 2016 and have held nine official rounds of talks. It is South Korea's 23rd FTA.
The two countries plan to officially sign the deal in the first half of next year following due domestic procedures.
"The SECA can contribute to swift recovery for the robust and resilient growth of the economies of the two countries," the statement read.
Ecuador is South Korea's seventh major exports destination among South American nations, with bilateral trade volume coming to about US$980 million last year, according to government data.
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