Minister Ng Welcomes Successful Conclusion of Free Trade Agreement Negotiations Between Canada and Ecuador
Ottawa, Ontario – February 4, 2025 – The Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, today welcomed the successful conclusion of free trade agreement (FTA) negotiations between Canada and Ecuador.
“This is a historic day for Canada and Ecuador,” said Minister Ng. “This FTA will create new opportunities for businesses in both countries, boost trade and investment, and strengthen our economic ties.”
The Canada-Ecuador FTA will eliminate tariffs on 98% of goods traded between the two countries, including seafood, agricultural products, and manufactured goods. It will also reduce barriers to trade in services, such as financial services, telecommunications, and professional services.
The FTA also includes provisions on:
- Intellectual property: Protecting the rights of creators and innovators
- Government procurement: Ensuring fair and transparent access to government contracts
- Labour: Upholding labour rights and promoting decent work
- Environment: Promoting sustainable development and protecting the environment
“This FTA is a win-win for Canada and Ecuador,” said Minister Ng. “It will create jobs, boost economic growth, and strengthen our relationship with this important partner in the Americas.”
The Canada-Ecuador FTA is the first comprehensive trade agreement between Canada and a country in the Andean region. It is expected to enter into force in 2026.
Quick Facts:
- Canada is Ecuador’s fifth-largest trading partner, with bilateral trade totaling $1.5 billion in 2022.
- Ecuador is a major exporter of shrimp, bananas, and flowers to Canada.
- Canada is a major exporter of wheat, machinery, and chemicals to Ecuador.
- The Canada-Ecuador FTA is expected to increase bilateral trade by up to $1 billion per year.
Quotes:
“This FTA is a testament to the strong and growing relationship between Canada and Ecuador,” said Ecuadorian President Guillermo Lasso. “It will create new opportunities for businesses and workers in both countries, and it will help us to build a more prosperous future for our people.”
“The Canada-Ecuador FTA is a major step forward for trade in the Americas,” said American Chamber of Commerce in Ecuador President Michael Green. “It will boost economic growth, create jobs, and reduce poverty in both countries.”
Associated Links:
- Canada-Ecuador Free Trade Agreement
- Government of Canada: Trade with Ecuador
Minister Ng welcomes the successful conclusion of free trade agreement negotiations between Canada and Ecuador
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