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S. Korea, Ecuador hold new round of talks for bilateral trade deal

Corporate Newsroom 11:31 September 20, 2022

SEOUL, Sept. 20 (Yonhap) -- South Korea and Ecuador began a seventh round of talks Tuesday on the formation of a bilateral free trade deal, the trade ministry here said.

The two nations launched negotiations for the strategic economic cooperation agreement, or SECA, a type of free trade pact, in 2016 and held five rounds of talks that year. The sixth round took place in July after a six-year hiatus.

The latest round of talks will continue through Oct. 5, and they will take place virtually, according to the Ministry of Trade, Industry and Energy.

The two sides will discuss a wide range of trade issues involving manufactured goods, services and procurement, as well as ways to jointly respond to supply chain disruptions, the ministry said. The South American nation is rich in natural resources.

"The two nations have complementary trade relations. We will speed up negotiations this time based on the recently renewed momentum," a ministry official said.

This file photo, provided by South Korea's trade ministry, shows officials holding the sixth round of negotiations on the South Korea-Ecuador bilateral strategic economic cooperation agreement in Seoul on July 11, 2022. (PHOTO NOT FOR SALE) (Yonhap)

graceoh@yna.co.kr
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