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News Briefing
Korea to bolster supply chain cooperation with Ecuador
Sep 2023
Korea and Ecuador held a videoconference on August 9, where the two sides discussed measures to further the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) negotiation progress and strengthen bilateral cooperation in trade, investment and supply chain.

Ecuador is among Korea’s top five export markets in Latin America but remains relatively untapped. Korea imports energy resources, mineral resources, and agricultural and fishery products from Ecuador, while Ecuador buys mostly industrial goods from Korea.

Considering the mutually supplementary economic structure, once the SECA is sealed, more Korean companies are anticipated to enter Ecuador’s local market and expand their scope of export diversification and investment.

Under the SECA, Korea is expected to diversify its energy demand and supply and enhance supply chain stability by boosting cooperation with Ecuador, a country abundant in energy and mineral resources such as crude oil, gold, silver, copper, and zinc.