Brussels, 29/09/2014 (Agence Europe) - On Tuesday 23 September, the European Commission announced the publication of documents on the trade agreement sealed in July between the EU and Ecuador - an agreement which will enable Ecuador to join Colombia and Peru in their multi-partite free-trade agreement with the EU.
The EU and Ecuador are currently carrying out a legal review of the text of the agreement so as to be able to submit it to their respective internal procedures for ratification. Colombia and Peru will be involved in the approval process, states the European Commission in a press release.
The agreement will enable Ecuador to benefit from better access to the European market for its main export products - fisheries, bananas, cut flowers, coffee, cocoa, fruit and nuts. The terms of the agreement go beyond the EU generalised scheme of preferences, for which Ecuador is no longer eligible. For the EU, gains in terms of market access are expected in the automobile and alcoholic drinks sectors. The agreement also includes an ambitious arrangement on market access for services, on access for public procurement and on establishment. As well as market access, the agreement is expected to create a stable and predictable environment for trade and investment.
EU exports to Ecuador stood at €2.3 billion in 2013, while its imports from Ecuador - mainly agricultural products and raw materials - stood at €2.6 billion. (EH)