Ecuador and South Korea have agreed to negotiate a reduction in tariff elimination schedules and begin the process for a Bilateral Investment Treaty, according to Ecuador's Minister of Production, Commerce, and Investments, Luis Alberto Jaramillo.
Ecuador and South Korea have initiated negotiations aimed at reducing tariff elimination schedules by up to 15 years, along with starting discussions for a Bilateral Investment Treaty. This announcement was made by Luis Alberto Jaramillo, Ecuador's Minister of Production, Commerce, and Investments, following a favorable ruling by the Constitutional Court on March 19, 2026, regarding the Strategic Economic Cooperation Agreement (SECA) between the two nations.
The Constitutional Court ruled that the negotiations and processing of the agreement were conducted in accordance with existing legal frameworks. With the pending approval from the National Assembly, the SECA is expected to facilitate immediate access at a zero percent tariff for 24% of non-oil exports to South Korea, which is a significant market for Ecuadorian goods, including products with established quotas.
The implications of this agreement are vital for Ecuador's economy, as improved trade relations with South Korea could enhance market access for Ecuadorian products, especially non-oil exports. This strategic cooperation could foster further investment and economic collaboration between the two countries, potentially leading to expanded economic opportunities and growth for Ecuador in the Asia-Pacific regional market.
