QUITO, July 24 (Xinhua) -- Ecuador and Canada signed a free trade agreement Friday in Ottawa that will allow 99.6 percent of Ecuador's exportable products to enter the Canadian market duty-free, the Ecuadorian Ministry of Production, Foreign Trade and Investment said.
The agreement was signed by Ecuadorian Production, Foreign Trade and Investment Minister Luis Jaramillo and Canadian Minister of International Trade Maninder Sidhu at a ceremony in the Canadian capital.
In a press release, the Ecuadorian ministry described the deal a milestone that opens a new chapter in bilateral relations and reinforces Ecuador's position as a reliable partner.
Once the agreement takes effect, more than 600 Ecuadorian products will enjoy duty-free access to Canada, placing Ecuador on an equal footing with regional competitors such as Colombia and Peru, which already benefit from preferential trade arrangements with Canada, the ministry said.
Products expected to benefit include bananas, cocoa and cocoa products, shrimp, tropical fruits, broccoli, asparagus, palm hearts, quinoa, frozen fruits and vegetables, flowers, chocolate, tuna products, fruit juices, palm oil, mineral water, textiles, ceramics, furniture, wood products, auto parts, tires, footwear and cosmetics.
The deal protects sensitive domestic sectors by excluding or providing safeguard measures for 227 strategic agricultural products, including rice, corn, milk, meat and sugar.
Concluded after 10 months of negotiations, the agreement will also improve Ecuador's access to Canadian raw materials, capital goods and industrial inputs, helping boost productivity and competitiveness, according to the ministry.
The pact comprises 29 chapters covering trade in goods and services, investment, e-commerce, transparency, labor and environmental issues, gender, micro, small and medium-sized enterprises, Indigenous peoples, and dispute settlement. ■
