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Ecuador celebrates ratification of trade agreement with Costa Rica

Quito, Jun 20 (Prensa Latina) Ecuador celebrated the ratification by Costa Rica of a bilateral trade agreement that will promote investments and generate thousands of jobs, authorities reported.

The Ecuadorian Foreign Ministry announced on X that the Costa Rican president, Rodrigo Chaves, signed the law that ratifies the Trade Association Agreement with Ecuador in the presence of the Ecuadorian ambassador in San José, Bolívar Torres.

Torres highlighted that this agreement will constitute a great tool for both countries.

According to the Ecuadorian Executive, the agreement will generate a 10 percent growth in current exports, which should increase income by three million dollars.

They also highlighted that it will improve the competitiveness of canned and preserved fish, metal manufactures, wooden boards, medicines, shrimp, white goods, porcelain and sanitary ceramics, leather, among others.

However, the agreement excludes products such as beef, dairy products, pineapple, cassava, sugar, unroasted coffee, among others, of which Costa Rica is an important exporter.

On March 1st, 2023, Chaves and Guillermo Lasso, who was president of Ecuador at the time, signed the treaty that both countries then considered a milestone for the bilateral relationship.

The agreement also has the approval of the Ecuadorian Constitutional Court, which in August 2023 asked to renegotiate some points, which were corrected in November, last year.