On April 25, 2018, Ecuador closed the negotiations on the trade agreement with the European Free Trade Association (EFTA, for its acronym in English).
It´s estimated that in June of this year it would be signed. The Ministry of Foreign Trade and Investment, considers that entering Ecuadorian products with zero tariffs to a market of 12.5 million people. The main products that are intended to be placed in this market correspond to non-oil exports, -basically- natural flowers, bananas, tuna. Sectors such as Floriculture and Agriculture will benefit.
The Trade Balance with the countries that make up this block, currently reflects a negative balance for Ecuador, importing more products than the Ecuadorian companies manage to place in the market of this Block. On the other side, this block historically, exports products such as: medicines, vaccines, plasmas, immunological products, machinery, spare parts and parts; as well as components for the production of beverages.