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

Katrina Brought Enduring Changes to New Orleans

The city’s recovery is the result of the people and culture the city is famous for, as well as newcomers and start-up industries More

China to Open Stock Markets to Pension Funds

In unprecedented move, government to soon allow local pension funds to invest up to $94 billion in domestic shares More

Magical Photo Slides Show Native Americans in Late 1800s

Walter McClintock spent 20 years photographing the Blackfoot Indians and their vanishing culture at the dawn of the modern age More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Colombians Flee Venezuela as Border Crisis Escalatesi
X
August 27, 2015 2:08 AM
Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Colombians Flee Venezuela as Border Crisis Escalates

Hundreds of Colombians have fled Venezuela since last week, amid an escalating border crisis between the two countries. Last week, Venezuelan President Nicolas Maduro ordered the closure of a key border crossing after smugglers injured three Venezuelan soldiers and a civilian. The president also ordered the deportation of Colombians who are in Venezuela illegally. Zlatica Hoke reports.
Video

Video Is China's Economic Data Accurate?

Some investors say China's wild stock market gyrations have been made worse by worries about the reliability of that nation's economic data. And some critics say the reports can mislead investors by painting an unrealistically-strong picture of the economy. A key China scholar says Beijing is not fudging ((manipulating)) the numbers, but that the economy is evolving quickly from smoke-stack industries to services, and the ways of tracking new economic activity are falling behind the change. V
Video

Video Next to Iran, Climate at Forefront of Obama Agenda

President Barack Obama this week announced new initiatives aimed at making it easier for Americans to access renewable energy sources such as solar and wind. Obama is not slowing down when it comes to pushing through climate change measures, an issue he says is the greatest threat to the country’s national security. VOA correspondent Aru Pande has more from the White House.
Video

Video Shipping Containers Provide Experimental Housing

Housing prices around the San Francisco Bay area are out of reach for many people, so some young entrepreneurs, artists and tech industry workers are creating their own houses using converted shipping containers. But as VOA's Mike O’Sullivan reports from Oakland, the effort requires ingenuity and dealing with restrictive local laws.
Video

Video Arctic Draws International Competition for Oil

A new geopolitical “Great Game” is underway in earth’s northernmost region, the Arctic, where Russia has claimed a large area for resource development and President Barack Obama recently approved Shell Oil Company’s test-drilling project in an area under U.S. control. Greg Flakus reports.
Video

Video Philippine Maritime Police: Chinese Fishermen a Threat to Country’s Security

China and the Philippines both claim maritime rights in the South China Sea.  That includes the right to fish in those waters. Jason Strother reports on how the Philippines is catching Chinese nationals it says are illegal poachers. He has the story from Palawan province.
Video

Video Technique May Eliminate Drill-and-Fill Dental Care

Many people dread visiting dentists because they're afraid of drills. Now, however, a technology developed by a British firm promises to eliminate the need for mechanical cleaning of dental cavities by speeding a natural process of tooth repair. VOA’s George Putic reports.
Video

Video China's Spratly Island Building Said to Light Up the Night 'Like A City'

Southeast Asian countries claim China has illegally seized territory in the Spratly islands. It is especially a concern for a Philippine mayor who says Beijing is occupying parts of his municipality. Jason Strother reports from the capital of Palawan province, Puerto Princesa.
Video

Video Ages-old Ice Reveals Secrets of Climate Change

Ice caps don't just exist at the world's poles. There are also tropical ice caps, and the largest sits atop the Peruvian Andes - but it is melting, quickly, and may be gone within the next 20 years. George Putic reports scientists are now rushing to take samples to get at the valuable information about climate change locked in the ice.
Video

Video French Experiment in Integrating Roma Under Threat

Plans to destroy France’s oldest slum have sparked an outcry on the part of its Roma residents. As Lisa Bryant reports from the Paris suburb of La Courneuve, rights groups argue the community is a fledgling experiment on integrating Roma who are often outcasts in many parts of Europe.
Video

Video Kenyans Turn to Agriculture for Business

Each year Kenyan universities continue to churn out graduates for the job market despite the already existing high rate of unemployment among youth in the country. Some of these young men and women have realized that agriculture can be as rewarding as any other business or job, and they are resorting to agribusiness in large numbers as a way of tackling unemployment. Rael Ombuor reports for VOA.
Video

Video First Women Graduate Elite Army Ranger School

Two women are making history for the U.S. Army by proving they are among the toughest of the tough. VOA's Carla Babb reports from Fort Benning, Georgia as 94 men and those two women rise as graduates of the difficult Ranger school.

VOA Blogs

More Americas News

Tropical Storm Erika Kills 12 on Dominica, Soaks Dominican Republic

It's forecast to pass Saturday over Cuba, possibly reach Florida by Monday
More

Video Cubans Embrace New Internet Connectivity Options

Government has approved use of prepaid cards for web access; some foresee construction of better infrastructure, with towers, fiber-optic cables
More

Brazil's Rousseff Faces Growing Impeachment Threat

President’s woes increasing as she now also faces angry rival who controls the possibility of impeachment proceedings against her
More

Cancer, Transplant Patients Rail at Drug Shortages in Venezuela

Currency controls, slumping production and smuggling have caused acute shortages of medical supplies in the socialist-led nation
More

Guatemalan Prosecutors Urge President to Resign Amid Scandal

Government comptrollers' office also issued a statement saying Perez Molina should resign 'to avoid greater social unrest that could have unpredictable consequences'
More

Bolt Sprints to Double Gold in Beijing

Jamaican's victories take place on track where in 2008 he first made headlines by winning Olympic gold medals in record fashion at Bird's Nest Stadium
More