Ecuador and Dominican Republic to Negotiate Trade Agreement

Ecuador and the Dominican Republic signed on Thursday a memorandum of understanding to initiate negotiations to reach a bilateral trade agreement.

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According to a press release from the Ministry of Production, Foreign Trade, Investment and Fisheries, this is a "significant step towards the consolidation of trade links," as it lays the groundwork for determining the scope, methods, modalities and a timetable for future negotiations.

"We are convinced that working together will result in a balanced trade agreement that will benefit both brotherly countries and allow for greater integration," said the Minister of Production, Daniel Legarda.

Meanwhile, the Ecuadorian Foreign Minister, Gustavo Manrique, highlighted that, within the framework of the excellent bilateral relations, the future agreement will promote trade exchange, investment and productive chaining.

The tweet reads, "Deeds and not words! That has been the achievement of President Guillermo Lasso in these 900 Days Together. Today, together with Minister Daniel Legarda we signed the start of negotiations for a trade agreement with the Dominican Republic, a country with which we already have an exchange of $140 million."

According to official data, the signing of the document took place this Wednesday, virtually with Dominican authorities. 

It will be up to the next government, headed by President Daniel Noboa, to process the next steps if it wishes to finalize the agreement.

Currently, the commercial exchange between both countries amounts to 140 million dollars. 

The outgoing Executive of Guillermo Lasso, leaves three major trade agreements signed (China, Costa Rica and South Korea) and seven others in various stages of negotiation.