Ecuador and Panama established the Terms of Reference (TOR) on September 4th for negotiations on a Partial Scope Economic Complementation Agreement.
Currently, the trade relationship is favorable for Ecuador, shifting from a deficit of $10.5 million to a surplus of $3.1 million.
The Ecuadorian-Panamanian Chamber of Commerce, Industries and Tourism (CEPAN in Spanish) will support the identification of business opportunities, the promotion of business alliances, and the strengthening of trade between Ecuador and Panama.
Among its functions will be identifying “business opportunities, strengthening business ties, and promoting greater participation of the productive sector in trade between Ecuador and Panama.”
In her remarks, Ecuador’s Minister of Economic and Productive Development, Sariha Moya, highlighted the shared vision of both nations to give new impetus to their relationship.
Ecuador and Panama will evaluate business opportunities and the development of strategic areas, such as agriculture and livestock, energy, manufacturing, pharmaceuticals, timber, the health sector, as well as leather and rubber, vegetable oils, among others.
“With the start of technical negotiations, Ecuador and Panama seek to transform this new phase of their relationship into a platform for growth that will expand trade, attract investment, and generate new opportunities for companies and productive sectors in both countries.”
M.Pino
Source: metroecuador
(Reference image source: Venti Views on Unsplash)
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