The closing of an FTA between Mexico and Ecuador is approaching after both governments concluded the ninth round of negotiations, reported the Ministry of Economy.
At the end of January, both countries agreed to pre-close negotiations on an FTA during the seventh round of negotiations held in Mexico City.
Ecuador is interested in this treaty because it would allow it to become a full member of the Pacific Alliance, made up of Mexico, Colombia, Chile and Peru, in addition to the fact that Singapore‘s entry as an associated State has already been agreed.
Ecuador has also shown its interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), another FTA.
CPTPPentered into force for Australia, Canada, Japan, Mexico, New Zealand, and Singapore at the end of 2018; Vietnam in 2019; and Peru in 2021. Brunei, Chile and Malaysia have signed but not yet ratified this treaty.
On September 28, 2021, Ecuador officially reported its interest in being part of CPTPP.
Ecuador is seeking 10 new trade agreements within the next four years, with Mexico, the Pacific Alliance, CPTPP, Canada, the United States, Panama, the Dominican Republic, Russia, South Korea and China.
Until now, Ecuador is a member of the Andean Community (CAN) and the Latin American Integration Association (ALADI), and also has agreements with other Latin American countries and with the European Union.
During the week of May 23 to 27, 2022, the 9th Round of Negotiations of the Productive Integration Agreement between Mexico and Ecuador was held in the city of Quito, Ecuador.
The negotiating teams of both countries held high-level technical meetings in which significant progress was made with a view to closing the agreement, addressing issues of market access, rules of origin, sustainable fishing, trade defense, institutional issues and services. and investment, which marked substantial progress to achieve an adequate technical closure.
“In this round, which was attended by the Undersecretary of Foreign Trade of Mexico, Luz María de la Mora, and the Deputy Minister of Foreign Trade of Ecuador, Daniel Legarda, in addition to the respective chief negotiators, the commitment to achieve soon a technical closure of the negotiations,” said the Ministry of Economy in a press release.
This meeting was held in response to the instruction of the President of Mexico, Andrés Manuel López Obrador, and the President of Ecuador, Guillermo Lasso Mendoza, to strengthen the economies between both countries through the conclusion of the Productive Integration Agreement.
Officials from the Ministry of Agriculture and Rural Development, the National Fisheries Commission of Mexico, and the Ministry of Agriculture and Livestock of Ecuador, government institutions that have permanently accompanied the various instances of the process, participated in the round of negotiations. Likewise, under the modality of the “Cuarto de Junto“, representatives of the private productive sectors of both countries were present.