Quito, 31 August 2022 (TDI): The Minister of Economy and Finance of Ecuador, Pablo A. Marriot had a bilateral discussion with the Ambassador of Turkiye, Basak Yalçin. The meeting aimed to strengthen cooperation.

The focal areas of this bilateral discussion were the enhancement of trade as well as the increasing economic cooperation between Ankara and Quito. Both sides urged for the initiation of investments in varying sectors.

Enhancing Trade

A potential focus had been made on the investment in the strategically important sectors on a mutual basis. The Minister of Economy and Finance of Ecuador also stressed that both sides are focusing on major avenues of cooperation on the international stage.

Historically, both countries had sustained a partnership in economic and trade sectors on a bilateral basis.

Read More: Ecuador and Turkiye promote bilateral relations

In the financial year 2021, the exports of Ecuador to the Republic of Turkiye remained at US$ 218.87 million as per the United Nations COMTRADE database.

In the year 2020, it was reported that Ecuador exported goods of nearly US$ 300 million to Turkiye. The goods that were part of bilateral trade between Turkiye and Ecuador consisted of food and agricultural products mostly.

On the other side, Turkiye exported goods of US$ 57.88 million to Ecuador in the financial year 2021. The United Nations COMTRADE reported that most of the goods were iron, electronics, paper, inorganic chemicals, etc.

Ambassador Yalçin’s efforts for strengthening ties

Ankara sees Ecuador as a potential partner in South America. The Ambassador of Turkiye to Ecuador had already made efforts to strengthen the ties.

On 26 August 2022, Ambassador Yalçin held bilateral talks with the officials of Ecuador’s Ministry of Cultural Affairs.

The efforts beyond the trade and economy were initiated. The two sides discussed the roadmap for the joint initiatives of cultural exchange. The mutual aspects of benefitting artists and cultural managers were also discussed.