South Korea's trade ministry said Wednesday it has agreed with Ecuador to speed up negotiations for an envisioned bilateral free trade deal and deepen ties in the global supply chain.
Trade Minister Ahn Duk-geun held a video meeting with his Ecuadorian counterpart, Daniel Legarda, to discuss the Strategic Economic Cooperation Agreement (SECA), according to the Ministry of Trade, Industry and Energy.
The agreement is a type of free trade pact, with nine rounds of talks having been held since 2016 so far. The latest negotiations were held in April.
During the virtual meeting, the two sides also shared opinions on ways to expand bilateral trade and investment, while enhancing cooperation in the global supply chain.
"South Korea, which mainly exports manufactured goods, and Ecuador, which ships energy and metal resources, as well as agricultural products, hold mutually beneficial economic structures," the ministry said.
The SECA is expected to help South Korea diversify its import portfolio of energy sources, as well as other key resources, including gold, silver and zinc, the ministry added.
Source: Yonhap News Agency