OTTAWA, July 24 (Xinhua) -- Global Affairs Canada said Friday that the signing of the Canada-Ecuador Free Trade Agreement (FTA) marks an important milestone in Canada's efforts to diversify trade and create new opportunities for the country's businesses.
In a news release, the Canadian government said the FTA was signed on Friday by Canadian Minister of International Trade Maninder Sidhu and Ecuador's Minister of Production, Foreign Trade, and Investments Luis Jaramillo.
According to the release, Ecuador is Canada's sixth-largest merchandise trading partner in South America.
By eliminating tariffs and reducing trade barriers, the FTA will improve market access for Canadian exporters, enabling businesses to grow, create good jobs, and generate long-term economic benefits for workers, businesses and consumers in both countries, said the release.
It noted that Canada and Ecuador successfully concluded negotiations on the FTA in January 2025. Each country will now proceed with its domestic process required to bring the agreement into force.
Once the Canada-Ecuador FTA enters into force, Canada will have trade agreements with all the countries on the South American Pacific Coast, the release added.
