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The Republic of Korea (“South Korea”) and the Republic of Ecuador (“Ecuador”) executed this month a Strategic Economic Cooperation Agreement. Under this agreement between Ecuador and Korea, South Korea shall eliminate tariffs on 96.4 percent of items and Ecuador shall eliminate tariffs on 92.8 percent of items.
Korea expects an increase in exports of automobiles, appliances, food products, Korean films, music, and other cultural content. While, Ecuador expects an increase in the export of raw materials including copper, silver, and zinc. We expect to see more Korean companies opening shop in Ecuador and we hope to see more Ecuadorian companies capturing opportunities in Korea. Many opportunities exist in Korea.
The present main export partners of Ecuador are the United States, Panama, Peru, and Italy. While the main export partners of Korea are the United States, China, the European Union, Vietnam, Japan, Australia, and Saudi Arabia. Vietnam and China are export destinations of, primarily, intermediate goods and other goods with a final destination in the European Union, the U.K., Japan, and the U.S.
See Korean Free Trade Agreements for a list of Free Trade Agreements that Korea has inked with other countries.
If you would like a consultation with an English-speaking lawyer in Korea, please schedule a call at: Schedule a Call with an Attorney.
