Ecuador is not enjoying GSP status and for most countries Ecuador is considered as an economic partner rather than a development country. In this perspective Ecuador has recently signed many trade agreements with important trade partners in Latin America and the rest of the world.
Free Trade Agreements
Ecuador is a member of the Andean community which together with Colombia, Bolivia and Peru forms one single customs union. The Andean community has signed several trade agreements on behalf of all its members. The list of most important trade deals is provided below.
- Member of the Andean Community
- Member of the Latin American Integration Association (ALADI).
- Associate of the The MERCOSUR
- Member of the Bolivarian Alternative (ALBA)
- Member of the Union of South American Nations (UNASUR)
- Member of the Latin American and Caribbean Economic System (SELA).
- Agreements in America of the Andean Community: MERCOSUR, Chile, Mexico, and Panama.
- The Andean Community Extra-regional Agreements : the European Union (EU), India, China, and Russia.
EU Free Trade Agreement
Ecuador has recently joined Peru and Colombia in the FTA with the EU. This pro-development agreement will open up markets on both sides, increase stability and predictability for trade and investment in both directions, and promote inclusive and sustainable development. The agreement will eliminate tariffs for all industrial and fisheries products, increase market access for agricultural products, improve access to public procurement and services, and further reduce technical barriers to trade. Once fully implemented, the savings for EU exporters will be at least € 106 million in tariffs annually, and Ecuadorian exports will save up to € 248 million in removed duties.