This Friday, the two countries will exchange technical instruments to implement the benefits of the agreement.

The Trade Partnership Agreement between Ecuador and Costa Rica will come into effect on October 1 of this year, according to an announcement by the Andean country's Minister of Production, Sonsoles García.

The agreement will finally take effect 20 months after the leaders of both countries signed the trade agreement on March 1, 2023.

Minister García announced the news on Friday morning, September 6, in a radio interview on the program A primera hora, in which she participated together with her Costa Rican counterpart Manuel Tovar.

On the occasion of the trade agreement, the ministers will participate this morning in an event to exchange instruments, which will take place in the Ecuadorian capital on Friday.

This exchange will take place once both countries have completed their internal processes for the ratification and entry into force of the trade agreement, explained Sonsoles García.

Minister Tovar said that the countries are ready to start. He said that he has been coordinating with customs to apply the benefits of the agreement since October.

The delay in the implementation of the agreement was due to internal ratification and legal verification procedures, as well as electoral processes in Ecuador, García explained.

The trade balance with Costa Rica closed at US$ 108 million, of which around US$ 38 million were Ecuadorian exports. With the agreement, a 10% growth in shipments to the Central American country is projected.

Currently, 56% of imports from Costa Rica enter Ecuador with 0% tariffs, while 65% of Ecuadorian products are subject to tariffs. The Minister of Production indicated that as of October 1, 84% of Ecuadorian exports will have 0% tariffs.