Canada, Ecuador sign Memorandum of Understanding

By
Tural Aliyev
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Canada, Ecuador sign Memorandum of Understanding
Canada, Ecuador sign Memorandum of Understanding

Quito, 26 July 2022 (TDI): Ecuador’s Public-Private Partnerships and Delegated Management Secretariat signed a Memorandum of Understanding with Canadian Commercial Corporation.

Agenda of the Meeting

Ecuador’s Foreign Deputy Minister, Luis Vayas Valdivieso, and Canada’s Foreign Trade Deputy Minister, David Morrison, chaired the High-Level Dialogue. The two officials agreed to deepen the ties of cooperation and understanding between the two countries.

They discussed strengthening the trade relationship and establishing a roadmap toward a free trade agreement.

In addition, they signed a Memorandum of Understanding between Ecuador’s Public-Private Partnerships and Delegated Management Secretariat and Canadian Commercial Corporation.

This Memorandum intends to foster and facilitate cooperation with the identification and development of infrastructure projects. Moreover, it will provide opportunities to procure Canadian goods and services.

The MoU will also help explore and identify sources of financing from official export credit agencies and commercial banks. 

In addition, they discussed areas of cooperation in support of Ecuador’s public policies on open government and financial inclusion. The Canadian representatives welcomed the Ecuadorian government’s efforts to eradicate child malnutrition. 

According to this, both sides agreed on the importance of joining efforts in the fight against transnational organized crime. Furthermore, they highlighted the interest in achieving a circular migration mechanism to benefit Ecuadorian citizens.

Officials involved

Minister of Foreign Affairs Juan Carlos Holguin and Deputy Minister Luis Vayas Valdivieso from the delegation of Colombia participated.

The Canadian delegation includes the Foreign Trade Deputy Minister, David Morrison, and the Canadian Ambassador to Ecuador, Sylvie Bédard.

Canada’s Foreign Trade Deputy Minister, David Morrison, congratulates the Ecuadorian government for its efforts to achieve trade and investment agreements. Likewise, Ecuadorian officials reiterated Canada’s support for the country’s development.

Luis Vayas Valdivieso shared the news on his official Twitter account. In his Tweet, he said: “We reaffirm the shared values: democracy, human rights, gender equity, respect for the principles of International Law.”

In addition, a Memorandum of Understanding will have a duration of three years.

Canada-Ecuador relations

Generally, Canada and Ecuador established official bilateral diplomatic relations in 1960. Relations are constantly growing in the commercial, political, and cultural sectors.

The Embassy of Canada is in Quito. Moreover, it has an Honorary Consulate in Guayaquil. The Ecuadorian Embassy is in Ottawa. Furthermore, it has Consulates in Toronto and Vancouver. 

Immigration, Refugees, and Citizenship Canada’s office manage Canada’s immigration processes for Ecuador. Similarly, there is also a Visa Application Centre located in Quito.

Bilateral relations between both countries are governed by shared values, including a commitment to prosperity, human rights, and international law.

Bilateral trade, measuring $952.5M in 2021, is a rapidly growing and increasingly prominent dimension within the bilateral relationship. Canadian Direct Investment in Ecuador, at $3.7B in 2021. It makes Canada the largest foreign investor in Ecuador.

The Ecuadorian-Canadian Chambers of Commerce promote commercial and cultural exchange between Ecuador and Canada.

Since 2019, FinDev Canada has supported three financial institutions in Ecuador with loans totaling $26M for all enterprises.