The Strategic Economic Cooperation Agreement (SECA) between Ecuador and South Korea represents much more than a reduction in tariffs.
It represents an opportunity to connect businesses, capital, technology, and markets between Ecuador and one of Asia’s most competitive economies.
The agreement covers 23 disciplines and creates opportunities in:
- Trade in goods and services
- Investment
- Digital trade
- Technology and telecommunications
- Intellectual property
- Financial services
- Economic and technical cooperation
In addition, 98.8% of Ecuador’s exportable products will have preferential access to the South Korean market, a market of more than 51 million consumers.
But the opportunity works both ways.
South Korea is an important supplier of technology, machinery, capital goods, and production inputs, which can contribute to improving the productivity and competitiveness of Ecuadorian businesses.
What does this mean for businesses?
A trade agreement does not only open markets for selling.
It can also create new opportunities to invest, import, produce, partner, and expand.
To take advantage of these opportunities, businesses will need to understand not only tariff preferences, but also rules of origin, regulations, investment, intellectual property, digital trade, and other applicable disciplines.
At ARÍZAGA ABOGADOS, we support international businesses and investors with their entry, structuring, and operations in Ecuador.
Ecuador is connecting with new markets.
Businesses need to be prepared to make the most of them.
