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Ecuador and Canada to begin trade negotiations in March 2024

The governments of Ecuador and Canada plan to begin negotiations on a trade agreement between the two countries in March 2024, the Ecuadorian minister of production, foreign trade, investment and Fisheries, Sonsoles García, announced on Thursday.

The minister announced the date after a meeting between Foreign Affairs Minister Gabriela Sommerfeld and Canadian Ambassador to Ecuador Stephen Potter in Quito. This follows the Canadian government’s approval to begin negotiations for a free trade agreement with Ecuador.

The implementation of such a bilateral trade agreement could generate some 40,000 new jobs in Ecuador, according to the ministry of production.

Canada is currently the eighth largest destination for Ecuador’s non-oil exports. 78% of Ecuadorian companies exporting to the Canadian market are micro, small, and medium-sized enterprises (MSMEs).

After taking office a few weeks ago, Garcia stated that the trade policy of president Daniel Noboa’s government will focus on negotiating and signing a trade agreement with Canada and gaining approval from the United States for the Individuals with Disabilities Education law. 

Source: La Prensa Latina