Ecuador and the Dominican Republic to Negotiate “Partial Scope” Trade Agreement
In a move to expand international trade, Ecuadorian President Guillermo Lasso announced on Wednesday that the governments of Ecuador and the Dominican Republic have decided to undertake negotiations for a “partial scope” trade agreement. This decision comes after Lasso and Dominican President Luis Abinader signed an instrument to open bilateral trade dialogue.
Lasso expressed his gratitude for the positive relationship with President Abinader and his government, stating, “Thanks to the excellent relationship we have had with President Luis Abinader and his Government, today we sign the instrument with which we begin the negotiations of a Partial Scope Agreement with the Dominican Republic.”
If the agreement is signed, Ecuador would become the first country in South America to have a trade agreement of this nature with a Caribbean country. Lasso emphasized the significance of such agreements in promoting commercial exchange, investment, and the productive chain.
The “partial scope agreement” is the most basic of trade agreements between countries, involving general understandings on tariff matters and a basic basket of goods in the commercial offer of each party, although it typically leads to more open negotiations.
Lasso, who is completing his last days in office, also highlighted that during his term, trade agreements have been signed with China, South Korea, and Costa Rica, pending ratification by the National Assembly.
The negotiations for the “partial scope” trade agreement with the Dominican Republic represents a significant step in Ecuador’s foreign trade policy, which has been focused on expanding its global reach and increasing its participation in the world economy.