Korea, Ecuador seek stronger economic ties through free trade deal

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Korea, Ecuador seek stronger economic ties through free trade deal

Published: 15 Jun. 2023, 10:54 Updated: 15 Jun. 2023, 11:00

Trade Minister Ahn Duk-geun, right, meets with his Ecuadorian counterpart Julio Jose Prado at Lotte Hotel in central Seoul on Thursday. [MINISTRY OF TRADE, INDUSTRY AND ECONOMY]

Korea and Ecuador on Thursday discussed ways to expedite establishing a bilateral free trade deal to boost trade and investment and deepen industry ties, Seoul's trade ministry said.

Negotiations are underway between the two sides for the Strategic Economic Cooperation Agreement (SECA), a type of free trade pact, with nine rounds of talks having been held since 2016.

On Thursday, Trade Minister Ahn Duk-geun met with his Ecuadorian counterpart, Julio Jose Prado, in Seoul and discussed how to make progress in their talks for the SECA and to beef up economic exchanges and supply chain cooperation, according to the Ministry of Trade, Industry and Energy.

They have been narrowing differences on issues and are expected to clinch a deal soon if the talks continue without a hitch, the ministry said.

If the deal is reached, Korea will be the first Asian country to have a free trade agreement with Ecuador.

Ecuador is Korea's sixth major export destination, with bilateral trade volume coming to about $980 million last year, according to government data.

Ecuador is rich in natural resources, such as copper, zinc and gold.

Yonhap