The Canadian government earlier this week announced the successful conclusion of free trade agreement negotiations with Ecuador, calling it an important step in advancing its trade diversification strategy.
The agreement – which comes at a time of rising trade tensions between Canada and its largest trading partner, the US, - underscores Canada’s commitment to diversifying its trade relationships and “reducing its reliance on any single partner,” said a government statement on Tuesday.
Under the terms of the agreement, Ecuador will provide preferential treatment for Canada’s key agricultural exports such as grains and oilseeds, cereals, meat, pulses, processed foods, and sugar-containing products.
Ecuador has committed to tariff rate quotas and partial duty eliminations for a few sensitive products. Meanwhile, Canada protected its sensitive agricultural sectors, ensuring no additional market access was granted for supply-managed products such as dairy, poultry, and eggs.