April 10, 2021

Ecuador and the USA will reactivate Council of Commerce and Investments in November

Ecuador and the USA will reactivate Council of Commerce and Investments in November



Ecuador and the USA next month the Trade and Investment Council (TIC) will reactivate after nine years of paralysis, in an agreement that will seek to expand bilateral trade flows and investments.

"The last meeting was held nine years ago, so its reactivation is an important milestone in the strengthening of relations between the two countries during the current year," the Foreign Ministry said in a statement.

The representatives of both countries will meet on November 14 and 15, in Washington, to work together on "productive trade initiatives".

In statements to Efe, the Ecuadorian Minister of Foreign Trade, Pablo Campana, welcomed the reactivation of that forum, a project in which he has worked in the last year and a half.

"The reactivation of the TIC, in November, is the result of a joint work of Ecuador and the United States.This is very good news for all Ecuadorians because it allows us to strengthen relations with our main commercial partner," said the minister.

Its reactivation coincides with a political rapprochement between the two countries since Lenin Moreno became president in May 2017 and reoriented the country's trade policy towards pragmatism.

The Council, that Ecuador asked to reactivate to Washington from last year, constitutes the main forum of dialogue between both countries in commercial and economic matters.

"Trade is synonymous with economic reactivation, work and ultimately well-being, even more so when it comes to reactivating it with the US, the country to which we send 40% of our export volume," Campana added.

Artífice of the policy of commercial opening of Ecuador, stressed that: "on November 14 we will be in Washington ratifying that Ecuador is open to the world."

"Now they see us in a very good way, the result of the work of an honest Government, the fight against corruption, dialogue as a development tool, transparent management of public finances, and a legal framework that attracts investment and gives security. "he insisted.

The objective of the meetings of the Council of Commerce and Investments is "to expand the opportunities of export and to encourage the attraction of investments coming from the North American country", according to the Ministry of Foreign Affairs.

His note also recalls that this agreement is the product of the visit made by US Vice President Michael Pence to Ecuador in June, when Washington agreed to reactivate the Council before the end of 2018.

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