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Ecuador-South Korea economic cooperation

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2026-09-18 01:08 UTC → 2026-09-23 18:06 UTC · added ~~removed~~

Ecuador is working to strengthen economic ties with South Korea through the ratification of the Strategic Economic Cooperation Agreement (SECA). Although Ecuador has completed its internal legal processes, including approval by the National Assembly and ratification by President Daniel Noboa, the agreement is currently awaiting final approval from the South Korean National Assembly. To support these diplomatic efforts, the 2026 Expo Korea was scheduled to take place in Quito from September 4 to 6. Organized by the South Korean Embassy, KOTRA, and the Association of Korean Residents in Ecuador, the event aimed to showcase South Korean culture and commerce while providing a platform for South Korean companies to enter the Ecuadorian market and for local businesses to establish commercial alliances. Negotiations for the SECA have progressed with a focus on boosting the value of Ecuadorian exports. The agreement proposes the immediate removal of tariffs for 7,473 Ecuadorian subheadings, allowing products such as shrimp, textiles, chocolate, palm almond oil, and coffee beans to enter the South Korean market with a 0% tariff. Other goods, including instant coffee, Andean cereals, and cocoa derivatives, are slated for progressive tariff reductions over a three-year period. Beyond simple trade, the partnership aims to leverage South Korean technology and industrial capacity to help Ecuador transition from exporting raw materials to producing value-added goods, such as processed foods and cosmetic ingredients.

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