Trade and Business in Ecuador, Quito

The objectives of the subject “Foreign Trade and Business in the Republic of Ecuador” are the following:

1. To analyse the Ecuadorian Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in Ecuador
3. To explore the Ecuadorian trade relations with the country of the student
4. To know the Ecuadorian Free Trade Agreements
5. To examine the profile of Ecuadorian Companies
6. To develop a business plan for the Ecuadorian Market

Ecuadorian Free Trade Agreements (FTA)

1. Ecuador and the Latin American Economic Area
2. Andean Community
   1. Andean Community Free Trade Agreements (FTA): MERCOSUR, Chile, Mexico, Panama, and the European Union
3. Union of South American Nations (UNASUR)
4. Latin American Integration Association (ALADI)
5. Latin American and Caribbean Economic System (SELA)
6. Mexico-Ecuador Economic Complementation Agreement
7. El Salvador-Ecuador Free Trade Agreement
8. United Kingdom-Ecuador-Peru Free Trade and Economic Integration Agreement
9. Global System of Trade Preferences among Developing Countries (GSTP)
10. MERCOSUR (Associate)
11. Pacific Alliance (candidate country)
12. Central American Integration System (SICA) (observer country)

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO General Agreement on Trade in Services (GATS)
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)
3. Convention on the Carriage of Goods by Sea (Hamburg Rules, UN)

American Trade and Economic Organisations

1. Inter-American Development Bank (IDB)
2. Organisation of American States (OAS)
3. Economic Commission for Latin America and the Caribbean (ECLAC)
4. Summit South American-Arab Countries (ASPA)
5. Africa-South America Summit (ASA)
6. Forum for East Asia-Latin America Cooperation (FEALAC)
7. Community of Latin American and Caribbean States (CELAC)
   1. European Union-CELAC Summit

Global Organisations

1. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
   3. Commission on International Trade Law (UNCITRAL)
   4. World Intellectual Property Organisation (WIPO)
2. OPEC Fund for International Development (OFID)
3. World Bank (WB)
4. World Trade Organisation (WTO)
5. International Monetary Fund (IMF)
6. Pacific Economic Cooperation Council (PEEC)

The Republic of Ecuador.

1. Borders of Ecuador: Colombia and Peru
2. Ecuadorian Capital: Quito.
3. Guayaquil is the second-largest Ecuadorian city
4. Official language of Ecuador: Spanish
5. Ecuadorian population: 15.7 million people
6. Ecuadorian Area: 283,561 square kilometres
7. Ecuadorian currency: Dollar USD
8. Abolition of Slavery in Ecuador: 1851
9. African Diaspora in Ecuador: 1.1 million people (7.2% of Ecuadorian population)
10. Independence of Ecuador from Spain: 1809, recognised in 1830

Main religion in Ecuador: Christianity (Catholicism: 13 million)

Ecuador belongs to the Latin American Economic Area (Western-Christian Civilisation)

Ecuadorian Economy.

1. Ecuador benefits from his strategic position that provides the direct access to the East Asian markets and the Western Coast of the United States
2. Its proximity to the Panama Canal permits safe access to Europe, the United States, Africa, the Middle East, and Asia
3. The Ecuadorian economy is the eighth largest economy in Latin America after Brazil, Mexico, Argentina, Chile, the Republic of Colombia, Venezuela, and Peru
4. The Dollarisation of Ecuador creates an advantage negotiating with a strong currency (since January 2000, the U.S. Dollar is the official currency)
5. Petrol, manufacturing, commerce, and agricultural production are the pillars of the Ecuadorian economy
6. Petrol accounts for 40% of the Ecuadorian exports, petroleum exports allow having a positive trade balance
7. Ecuadorian GDP growth: 3.8% (economic slowdown)
8. Inflation of Ecuador: 3.7%
9. Tax reform in Ecuador in 2014. Tax amnesty in 2015
10. The Union of South American Nations (UNASUR) is in Quito
11. Ecuador is a leader in bananas, shrimp, fresh tilapia, tuna, fine cocoa, passion fruit concentrate, palm, pond, leaf snuff, and broccoli production

The main activity of the Holding Favourite Fruit Company is production and export of first-class green bananas, Cavendish variety. The Favourite Fruit Company has a 4.5% share of the worldwide market; exports have shown a continuous growth.

Foreign Trade of Ecuador.

1. Thanks to its geographical location, Ecuador has an appropriate climate for growth of many agricultural export products
2. Ecuador has an international reputation as a reliable seafood and aquaculture products supplier, the manufacturing industry is known for its strengths in design, quality, and reliability
3. Ecuador exports to 150 countries. The largest export markets of Ecuador are the United States, Peru, the Republic of Colombia, Chile, Venezuela, Italy, Panama, and Russia
4. Ecuador exports 14,000 million dollars, 50% belongs to petroleum sector and 50% of non-traditional and traditional exports
5. Export growth: 6.7%
6. Import growth: 2.2%
7. Ecuador is the largest bananas, palm of hearts, balsa wood, passion fruit juice, and roses exporter in the World
8. Ecuador is renowned for its high-quality food products, including cocoa, coffee, aromatic, and medicinal plants
9. The largest import partners of Ecuador are Latin America excluding the Andean Community 37%, the United States 25%, the Andean Community 22% Asia 19%, and the European Union 10%.
10. The Port of Guayaquil handles a majority of the international trade of Ecuador; it is the economic capital of Ecuador
11. Other important ports of Ecuador are Esmeraldas, Manta and Puerto Bolívar (banana). A larger bulk of international trade takes advantage of ocean routes. Every year, there are over 2,500 vessels that leave from Ecuadorian ports

Ecuador is:

1. World's leading bananas exporter
2. The first palm hearts exporter
3. The first roses exporter
4. The third largest flower exporter

Ecuador is a member of the Andean Community and associated to the MERCOSUR

(c) EENI Global Business School (1995-2022)
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