The Andean country, Ecuador, has signed an Inclusive Economic Agreement with the European Free Trade Association (EFTA), made up of Switzerland, Norway, Iceland, and Liechtenstein, which aims to facilitate bilateral economic relations.

The exporters of the trade bloc will benefit from the elimination of customs duties for industrial products once the agreement enters into force, or at the end of pre-established periods.

About 99% of Ecuadorian exports will have duty-free access to the EFTA countries, a community of approximately 13 million habitants with high purchasing power.

The agreement also provides facilities for trade and investment between Ecuador and the EFTA countries, including provisions regarding Access to Goods Markets, Rules of Origin, Sanitary and Phytosanitary Measures, Technical Barriers to Trade, Trade Facilitation, Competition, Services, Intellectual Property, Public Procurement, Trade, and Sustainable Development, among others.

Currently, the main products exported by Ecuador to the EFTA countries are: bananas, gold, cocoa, roses, fish oil, shrimp, fruits, and vegetables. Meanwhile, the Andean country imports from that region are: medicines, fertilizers, chemicals, watches, and medical equipment, among other products.

You can learn more about this FTA on the Finance Liechtestein, the OEC, and Fresh Plaza.