News / Americas

Ecuador Joins Andean Neighbors With EU Free-Trade Deal

Reuters

Ecuador sealed a free-trade deal with the European Union on Thursday, giving the Andean nation greater access to the EU's 500 million consumers and offering the EU's fragile economy another market for its cars, whiskey and luxury goods.

Ecuador joins Colombia, Chile, Mexico and Peru in the group of Latin American economies that have free-trade pacts with the European Union, the world's biggest trading bloc.

“[This] will boost our bilateral trade and investment and act as an important driver for development in Ecuador,” the EU's Trade Commissioner Karel de Gucht said after the deal was done in Brussels.

Following the failure of global trade talks, the European Union is trying to sign accords with much of Latin America and Asia as well as with developed countries including Japan and the United States, to revive its economy after the eurozone crisis.

The European Union is the biggest buyer of Ecuador's exports, excluding oil, which totaled $3 billion in 2013.

In 2013, bilateral trade was worth five billion euros [$6.76 billion], and officials now expect that to grow.

Ecuador's success in dealing with Europe contrasts with its strained ties with the United States.

Last year, Quito renounced the U.S. trade benefits it received in exchange for fighting the narcotics trade, accusing Washington of using the Andean Trade Promotion and Drug Eradication Act as a political weapon.

The EU deal also deepens a divide in Latin America between the free-trading nations of the Pacific on one side and Argentina, Brazil and Venezuela on the Atlantic, which have been more reluctant to drop barriers to trade.

Ecuador's Trade Minister Francisco Rivadeneira said the EU will extend its system of preferential tariffs for Ecuador that had been due to expire in December, until the new trade deal takes effect in the second half of 2016.

“After almost four years of work, finally we have reached a balanced agreement with the European Union,” Rivadeneira said in Brussels.

The agreement must be approved by Ecuador's national assembly and the European Parliament.

The agreement will give Ecuador unfettered access to the EU's consumers who buy its cut flowers, coffee, cocoa, tropical fruit juice and bananas.

For European exporters, the deal offers better access to Ecuador in areas such as the automotive sector and for alcoholic beverages.

EU officials also see the agreement about more than just opening markets and hope it will set the basis for a more stable investment climate, bound by strict rules agreed in the pact.

You May Like

Mugabe Dismisses Male-Female Equality

'It is not possible that women can be at par with men' incoming African Union president declares on eve of summit More

Somali Terror Suspect's Light Sentence Raises Questions

Abdullahi Yusuf, 18, could have spent 15 years in prison but judge instead sentenced him to a halfway house, and a program to try to integrate him back into the community More

Video Kobani Ravaged Following Kurdish Ouster of IS Militants

Even so, hundreds of refugees sheltering in Turkey seek to return; Kurdish forces hold some back, saying fighting continues More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Groundbreaking Hand-Painted Documentary About Van Gogh in Productioni
X
George Putic
January 29, 2015 9:43 PM
The troubled life of the famous 19th century Dutch painter Vincent van Gogh has been told through many books and films, but never in the way a group of filmmakers now intends to do. "Loving Vincent " will be the first ever feature-length film made of animated hand-painted images, done in the style of the late artist. VOA’s George Putic reports.
Video

Video Groundbreaking Hand-Painted Documentary About Van Gogh in Production

The troubled life of the famous 19th century Dutch painter Vincent van Gogh has been told through many books and films, but never in the way a group of filmmakers now intends to do. "Loving Vincent " will be the first ever feature-length film made of animated hand-painted images, done in the style of the late artist. VOA’s George Putic reports.
Video

Video Rock-Consuming Organisms Alter Views of Life Processes

Scientists thought they knew much about how life works, until a discovery more than two decades ago challenged conventional beliefs. Scientists found that there are organisms that breathe rocks. And it is only recently that the scientific community is accepting that there are organisms that could get energy out of rocks. Correspondent Elizabeth Lee reports.
Video

Video Paris Attacks Highlight Global Weapons Black Market

As law enforcement officials piece together how the Paris and Belgian terror cells carried out their recent attacks, questions are being asked about how they obtained military grade assault weapons - which are illegal in the European Union. As VOA's Jeff Swicord reports, experts say there is a very active worldwide black market for these weapons, and criminals and terrorists are buying.
Video

Video Activists Accuse China of Targeting Religious Freedom

The U.S.-based Chinese religious rights group ChinaAid says 2014 was the worst year for religious freedom in China since the end of the Cultural Revolution. As Ye Fan reports, activists say Beijing has been tightening religious controls ever since Chinese leader Xi Jinping came to office. Hu Wei narrates.
Video

Video Super Bowl Ads Compete for Eyes on TV, Web

Super Bowl Sunday (Feb. 1) is about more than just the NFL's American football championship and big parties to watch the game. Viewers also tune in for the world famous commercials that send Facebook and Twitter abuzz. Daniela Schrier reports on the social media rewards for America’s priciest advertising.
Video

Video Theologians Cast Doubt on Morality of Drone Strikes

In 2006, stirred by photos of U.S. soldiers mistreating Iraqi prisoners, a group of American faith leaders and academics launched the National Religious Campaign Against Torture. It played an important role in getting Congress to investigate, and the president to ban, torture. VOA's Jerome Socolovsky reports.
Video

Video Freedom on Decline Worldwide, Report Says

The state of global freedom declined for the ninth consecutive year in 2014, according to global watchdog Freedom House's annual report released Wednesday. VOA's William Gallo has more.
Video

Video MRI Seems to Help Diagnose Prostate Cancer, Preliminary Study Shows

Just as with mammography used to detect breast cancer, there's a lot of controversy about tests used to diagnose prostate cancer. Fortunately, a new study shows doctors may now have a more reliable way to diagnose prostate cancer for high risk patients. More from VOA's Carol Pearson.
Video

Video Smartphones About to Make Leap, Carry Basic Senses

Long-distance communication contains mostly sounds and pictures - for now. But scientists in Britain say they are close to creating additions for our smartphones that will make it possible to send taste, smell and even a basic touch. VOA’s George Putic reports.
Video

Video Former Sudan 'Lost Boy' Becomes Chess Master in NYC

In the mid-1980’s, thousands of Sudanese boys escaped the country's civil war by walking for weeks, then months and finally for more than a year, up to 1,500 kilometers across three countries. The so-called Lost Boys of the Sudan had little time for games. But one of them later mastered the game of chess, and now teaches it to children in the New York area. VOA’s Bernard Shusman in New York has his story.
Video

Video NASA Monitors Earth’s Vital Signs From Space

The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video Crowded Republican Presidential Field Off to Early Start for 2016

It seems early, but the 2016 U.S. presidential election campaign is already heating up. Though no one has officially announced a candidacy, several potential Republican contenders have been busy speaking to conservative groups about making a White House run next year. Many of the possible contenders are critical of the Obama administration’s foreign policy record. VOA national correspondent Jim Malone reports.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid

More Americas News

US Seeks to Break Up Drug Ring

Alleged drug ring accused of smuggling cocaine and laundering money from Venezuela to the United States
More

Senators Introduce Bill to End Ban on Americans Traveling to Cuba

Some Cuban American lawmakers strongly oppose Obama administration’s sudden shift in US policy towards Cuba, others say it is past time to end embargo
More

At Mexican Hospital, Rescuers Search for Blast Victims

At least 2 people killed and dozens wounded, including 22 children, when tanker truck explodes outside building
More

HRW: Security Measures Erode Human Rights Worldwide

New Human Rights Watch report cites Nigeria, Iraq, Syria, Israel and the United States among nations using security concerns to justify rights violations
More

Chilean MPs Approve Measure Allowing Civil Unions

Bill will give many legal rights afforded to married couples to about two million more Chileans - mostly unmarried heterosexuals but also gay couples
More

Don't Meddle in Our Politics, Cuba's Leader Warns US

Fomenting opposition to Cuba's government will undermine efforts at normalizing bilateral relations, he says at summit in Costa Rica
More