"Today's signature is very good news and it proves that the EU delivers in its key policy area of free and fair trade," EU Council’s President Peter Ziga of Slovakia was quoted as saying.
The pact, signed by EU member states, Colombia and Peru, eliminates high tariffs, technical barriers to trade and enforces labor and environmental standards.
According to the EU Council, Europe was Ecuador’s second largest trading partner last year. The deal will open access to the new market for Ecuador’s imports of fisheries, banana, cut flowers and cacao. Europe will export cars, spirits and dairy products.
Brussels plans to finalize the arrangement with Ecuador before the end of the year to allow for its provisional application to begin as early as next January.
Ecuador, Colombia, Peru and Bolivia form the so-called Andean Community, a customs union. The EU Council hopes remaining Bolivia will also join, based on the principle of regional integration.
