Strategic Economic Cooperation Agreement between Ecuador and the Republic of Korea (SECA): Preferential Market Access and Trade Liberalization

The Strategic Economic Cooperation Agreement between Ecuador and the Republic of Korea (SECA) establishes a bilateral framework to strengthen trade and economic relations through the progressive reduction of tariff barriers, trade facilitation, and provisions concerning services, investment, and economic cooperation. The agreement includes commitments to expand preferential market access and promote competition and sustainable development. Its trade provisions include the gradual elimination of South Korea tariff on Ecuadorian bananas, from 24% to zero over five years, according to the applicable tariff elimination schedule. The agreement has a multisectoral scope and covers a broad range of products and economic activities rather than constituting a policy exclusively focused on bananas.