The main driving force behind this agreement is the urgent need to reverse a historically negative trade balance. The bilateral relationship with South Korea has presented a constant challenge, exemplified by the year 2024, which, according to Forbes magazine, closed with a negative balance of $214 million dollars specifically in the non-oil products balance. Under this premise, the DRY It is projected as the fundamental instrument to transform these figures and generate a substantial increase in the exportable supply.
The key to SECA lies in the preferential access it grants to Ecuadorian goods. According to official information from the Government of EcuadorThe entry into force of the agreement will allow 98,8% of Korea's exportable products to enter the country with zero tariffs. This imminent benefit not only opens the door to a market of more than 50 million consumers, but also guarantees greater competitiveness for a wide range of products. These include traditional goods such as shrimp, cocoa, coffee, bananas, fish, dairy products, and chocolate, along with the strategic inclusion of new products with potential, such as meat, frozen potatoes, pineapple, and blueberries.
The success of the alliance is based on the deep complementarity between the two economies. While the Asian country, an industrial powerhouse, relies heavily on imported agricultural and fishery products, Ecuador stands out for its vast biodiversity and proven productive capacity. Furthermore, the agreement goes beyond a simple exchange of goods, as Korea's technological and industrial expertise represents a strategic opportunity to modernize Ecuador's productive sectors and increase its competitiveness on the global stage.
In today's globalized world, it is vital that Ecuador not only maintain alliances but also project its local industry toward highly relevant target destinations. Recent promotional efforts have successfully positioned Ecuadorian products as high-quality, opening doors in territories with strong economies and generating sustained interest. The SECA agreement with South Korea is a decisive step that consolidates this strategic vision.
Raúl Aguilera,
International Trade & Investment Consultant at Gedeth Network
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
