The Dominican government, through the Ministry of Industry, Commerce and SMEs (MICM), agreed on the general terms of reference for the negotiation of a possible partial scope trade agreement with the government of Ecuador that would promote and encourage trade exchanges, investments and productive linkages between both nations. This as a result of the meeting recently held by President Luis Abinader and his Ecuadorian counterpart, Daniel Noboa, in Punta Cana, during a visit by Noboa to the Dominican Republic. The event was led by Minister Yayo Sanz Lovatón, where the general aspects and the way in which both nations will conduct the conversations to reach an agreement to boost their exports and strengthen regional economic integration were established. The document with the technical specifications, the definition of the working teams and the information to be exchanged was signed by the Vice Minister of Foreign Trade of the MICM, Daniel Peña, and the Vice Minister of Foreign Trade of the Ministry of Production, Foreign Trade and Investments of Ecuador, Ivanova Cereceda. During his intervention, Minister Yayo Sanz Lovatón highlighted the historical relationship between both countries and the opportunities of this economic relationship. “Ecuador is a country that we respect and with which we have a great history. I had the opportunity, along with President Abinader, to meet President Noboa in a political and commercial consultation meeting, and there we were able to confirm the great synergy between the economies of Ecuador and the Dominican Republic,” he said. He indicated that Ecuador has a significant production of raw materials, while the Dominican Republic has extensive experience in tourism, free zones, logistics and services, as well as a strategic location for international trade. “I believe that both countries can achieve great things, and that is why we are signing this agreement today. Hopefully, it will serve as an example for the other Latin American countries to continue working together, because together we are more and together we do more for our people,” he added. Also present were the Minister of Foreign Affairs and Human Mobility of Ecuador, Gabriela Sommerfeld; the Vice Minister of Foreign Affairs of Ecuador, Alejandro Dávalos; the Ambassador of Ecuador to the Dominican Republic, Santiago Martínez and the advisor to the Minister of Ecuador, Jairo Cueva. From her side, Minister Gabriela Sommerfeld stated that for Ecuador it is an honor to visit the Dominican Republic and sign this agreement for the benefit of both nations and their citizens. “This document will strengthen trade ties to generate wealth and employment opportunities for both countries. I wish much success for this relationship,” she said. Likewise, Vice Minister Ivanova Cereceda pointed out that the signing represents “the first step of a relationship that will continue to strengthen in positive and fraternal terms between Ecuador and the Dominican Republic.” Meanwhile, Vice Minister Daniel Peña highlighted that the Partial Scope Agreement represents a concrete step towards a deeper economic relationship between the Dominican Republic and Ecuador, based on complementarity, investment opportunities, and growth in bilateral trade. Peña recalled that in August both countries will celebrate 140 years of diplomatic relations, characterized by historical and cultural ties and shared values. “With this agreement we consolidate the conversations held between presidents Luis Abinader and Daniel Noboa on trade and investment, creating an ideal source of opportunities for the benefit of our people,” he affirmed. After the signing, the technical teams will continue coordinating the schedule and negotiation modalities for the benefit of key sectors of our exports.
Commercial exchange
