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Ecuador Aims To Reach a Trade Agreement with the Eurasian Union

18.5.2018

Ecuador is interested in reaching a trade agreement with the Eurasian Economic Union (UEE), said Ecuadorian Foreign Minister, María Fernanda Espinosa speaking from Moscow, where she is making an official visit which concludes on May 17th.

The Ecuadorian Foreign Minister referred to "Ecuador's interest in moving towards an agreement with the Eurasian Union", after establishing a fruitful economic, commercial, political and cultural relationship with Russia.

In addition, she said that she hopes that the Government of her country will reach "in the coming months a trade agreement with the Eurasian Union," as she posted on her Twitter account. "This is very important since it transcends the Russian market and points towards other member countries of the union," she explained from the Russian capital.

"For us it is a pleasure to know that Ecuador is the third commercial partner that Russia has in Latin America and the Caribbean, our economic and commercial potential has a great future and can grow significantly," Espinosa said.

The UEE is the largest economic alliance in the post-Soviet space, created in January 2015 and composed of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.

Between 2011 and 2017, total Ecuadorian exports to Russia grew 4% on average per year. In 2017, Russia made purchases of US$ 845 million from Ecuador, representing 4.42% of the total.

The total trade balance between both countries in the last 6 years has been surplus for Ecuador. Ecuador's total exports went from US$701 million in 2011 to US$845 million in 2017.

In that same year, the main products exported by Ecuador to Russia were: bananas (76%), natural flowers (16%), shrimp (3%), industrialized coffee (3%) and fish (1%).

These five products comprise 99% of the total exported by Ecuador to the European country.

 

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