Ecuador joins trade deal with EUStaff writer ▼ |
The agreement will allow Ecuador to benefit from improved access for its main exports to the EU - fisheries, bananas, cut flowers, coffee, cocoa, fruits and nuts. The terms of the new arrangement go beyond the unilateral EU Generalised Scheme of Preferences, for which Ecuador is no longer eligible.
The Agreement will also provide improved access to the Ecuadorian market for many key EU exports, for example in the automotive sector or for alcoholic beverages. However, the agreement will not only secure access to markets; more importantly it will also create a stable and predictable environment that will help boost and diversify trade and investment on both sides.
During the week-long talks, negotiators were able to resolve all of the remaining issues to reach an ambitious and balanced deal, while taking due account of each side's sensitivities. In addition to providing for the key respective interests for trade in goods, the agreement also includes an ambitious deal on market access for services, establishment and government procurement.
A number of limited adjustments to the text of the agreement were agreed to cater for Ecuador's accession but without resulting in any significant change of the ambition and scope of the Agreement between the EU and Colombia/Peru.
The European Union and Ecuador will now proceed with the necessary legal revision of the agreed documents in order to be able to submit the final deal to their respective internal ratification procedures. ■