The presidential candidate made the announcement on his social networks: “Our government has achieved what no other has: Ecuador will have a trade agreement with Canada.”

Ecuador has closed the sixth round of negotiations with Canada, leaving only the signing of the trade agreement between the Canadian Prime Minister and the Ecuadorian President pending.

This happened last Friday and this Sunday the presidential candidate Daniel Noboa made the announcement on his social networks: “Ecuador, we have achieved it. After months of negotiations, our government has achieved what no other has: Ecuador will have a trade agreement with Canada.”

Noboa added that this is not just a treaty, “it is a victory for our country. It is an open door to new opportunities, more investment and employment... With actions, not words, we are making a reality what others only attempted.”

At the moment, Noboa took over the Presidency until 7:00 a.m. on Monday, February 3. The president has invoked the cause of force majeure to take a few days to campaign.

The Ministry of Production, Foreign Trade, Investments and Fisheries, which leads the negotiating team, said that significant progress was made that would enable the signing of an agreement that would open the doors to a market of 39.8 million consumers.

And one of the main effects will be the creation of jobs in sectors that are directly benefited, such as roses, flowers, canned tuna, candy, textiles and clothing, auto parts, ceramics, chocolates, food preparations, footwear, wood, juices and pulps, preserves, cereals and pasta, cosmetics, plastics, hats, tagua, among others.

The State Department assures that during the six rounds of negotiations, the Ecuadorian team took into account the productive sensitivities of the country, such as those of the agricultural sector and the peasant family economy, especially in rice, dairy products, corn, sugar, pork, beef and poultry. And with a permanent dialogue with all sectors to achieve a balanced agreement.

Opportunities of the agreement

• The future agreement will promote national and foreign investments, tourism activities, create spaces for cooperation and cultural exchanges and opportunities for young Ecuadorians with the development of professional services through the recognition of professional qualifications.
• The inclusion of a chapter on MSMEs seeks to recognize the importance of these productive units as a basis for the development of the country's economy, strengthening them and preparing them for internationalization with training, productive linkages, investments and effective tools so that they can meet the requirements of bilateral trade with Canada.
• The e-commerce chapter seeks to contribute significantly to the expansion and development of the digital economy, providing benefits for businesses and consumers, and fostering international cooperation in the digital field.
• Both countries have made commitments to work together to strengthen labor and environmental policies to establish a link between trade and labor benefits, as well as to promote the positive contribution of trade to an economy resilient to climate change.
• The necessary scope for action is safeguarded to protect the rights of communities, peoples and nationalities and vulnerable groups. It also establishes cooperation mechanisms that allow communities, peoples and nationalities to export to the Canadian market.

The Ministry of Production and Foreign Trade adds that the agreement with Canada will strengthen economic competitiveness and ensure that Ecuador maintains and consolidates its constitutional framework in the management of strategic sectors and in the provision of public services. “This approach reflects a solid commitment to sustainable and equitable development, prioritizing the well-being of all Ecuadorians within the framework of economic growth.”

Minister Luis Alberto Jaramillo had indicated days ago that negotiations were continuing without any impact from the change of government in Canada. He estimated the signing of the trade agreement would take about three or four months.

Negotiations began nine months ago. The first round took place virtually from April 29 to May 8, 2024. The Ministry of Production then reported that, after continuous work with Global Affairs Canada, the first exchange of proposals for the 28 chapters that the agreement will contain took place.

Four rounds were initially planned, but two more were held, in December 2024 and January 2025.

According to the ministry, the trade agreement with Canada will have great potential to boost Ecuadorian exports, particularly in products such as flowers, bananas, cocoa, shrimp and other high-value products.

This trade agreement will represent a tariff reduction on more than 2,000 Ecuadorian products, greater integration into global value chains and access to new technologies.

In 2023, Canada was the eighth destination for Ecuadorian non-oil exports.