International trade representatives arrived at the Palace of Carondelet, Ecuador's presidential palace, where officials from the four nations signed the agreement in hopes of expanding export opportunities and to stimulate multinational employment options.
Ecuadorean President Lenin Moreno said, "As of today, the United Kingdom and the Andean countries of Colombia, Peru, and Ecuador can now rely on a valuable tool, which we'll take advantage of for the benefit of our people.”
Pablo Campana, a signatory of the accord and the Minister of Production, Foreign Trade, Investment, and Fisheries, said the pact will increase exports of bananas, shrimp, flowers, vegetables, and preserves from Ecuador, Campana said, adding that the country is getting closer to the fifth largest economy in the world.
Peruvian Minister of Foreign Trade and Tourism Edgar Vazquez, cheered the accomplishment, saying, "It is a key piece so that trade between Ecuador, Colombia, Peru, and the United Kingdom, can not only be maintained but project into the future with a substantial increase.”
Edgar Vasquez Vela, the Colombian vice minister of foreign trade, said the new measure will open numerous possibilities for a deeper and more dynamic relationship with the United Kingdom.
However, some have criticized the agreement, noting that it is the eleventh accord signed by British officials in anticipation of its break from the European Union when the U.K.’s international trade ties will be put into jeopardy.