Ecuador sets its sights on achieving a trade agreement with Panama

The Central American Nation has received Ecuadorian investment. Favorite Corporation acquired Panama Group in 2018.

In recent weeks the dialogue with the Panamanian public and private sector has seen an important increase by the foreign trade authorities of Ecuador, as well as representatives of the national private sector.

And apparently Ecuador's intentions focus on building a commercial agreement with the Central American Nation, which already houses important Ecuadorian investments such as that ofFavorite Corporation, when acquiringKing GroupIn 2018.

To this is added the one announced last week by the president of that country,Laurentino Cortizo, during the act of construction of a new chain distribution center; By pointing out that the Ecuadorian company will invest$ 200 millionin Panama in the next five years.

This act was present by the Minister of Production, Foreign Trade, Investments and Fisheries of Ecuador, Ivan Ontaneda, who developed a commercial agenda in the Central American country just with a view to establishing the bases for a future agreement.

Ontaneda met with his Panamanian couple, Ramón Martínez, who had already had approaches with the Ecuadorian authorities via telematics weeks ago.

"We have approached Panama, a strategic partner of great regional importance. We have put on the table the terms of reference to negotiate an agreement with them, and draw the line of a powerful commercial agenda for the next government," Ontaneda said after his visit to that country.

For his part, Martínez said that with Ontaneda exchanged ideas in order to advance a commercial road map for the benefit of both countries.

While, Daniel Legarda, Vice Minister of Foreign Trade, He highlighted the importance of the Central American market in the export of non -oil products such as manufacturing, processed foods, wood and textiles.

Legarda added that with a commercial agreement with Panama, Ecuador could export dairy and rice, since he explained that it is a country that is deficit in basic food products.

"It is an opportunity that we cannot miss, they are efforts that must transcend government administrations," said the official, who projected that in this year there will be economic growth between 4% and 6% thanks to a correct application of the commercial agenda, "since exports have allowed to maintain the employment and projection of a sustained increase in production."