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South Korea and Ecuador promise to accelerate FTA negotiations

Seoul, Aug 9 (Prensa Latina) The South Korean Ministry of Trade, Industry and Energy on Wednesday reported an agreement with Ecuador to speed up negotiations for the planned bilateral free trade agreement (FTA).

According to the South Korean ministry, Chief Negotiator Ahn Duk-geun held a video conference with his Ecuadorian counterpart, Daniel Eduardo Legarda Touma, to discuss the Strategic Economic Cooperation Agreement (SECA).

The deal is a sort of FTA, on which nine rounds of talks have been held since 2016, the local Yonhap news agency reported.

The latest negotiations were held in April.

During the virtual meeting, the two sides also shared views on the ways to expand bilateral trade and investment while enhancing cooperation in the global supply chain.

South Korea exports largely manufactured goods, and Ecuador exports energy and metal resources, as well as agricultural products, both of which have “mutually beneficial economic structures,” the official stressed.

The SECA is expected to help South Korea diversify its import of energy sources, as well as other key resources, such as gold, silver and zinc, the ministry added.


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