President Donald J. Trump and President Daniel Noboa have announced that the United States and Ecuador have agreed to a framework for an Agreement on Reciprocal Trade. According to a joint statement, both leaders expressed support for "a shared vision of growth for both of our countries, grounded in democratic values, private initiative, and a rules-based environment for commerce and innovation." The agreement is intended to strengthen commercial and economic ties between the two nations.
The new trade framework will build upon existing economic cooperation established by the U.S.-Ecuador Trade and Investment Council Agreement. This council was initially signed in 1990 and updated in 2020 to broaden opportunities for trade between the two countries.
The statement outlines that the key terms of the forthcoming agreement will focus on providing mutual market access and aligning efforts on economic and national security matters. Both governments are currently working toward finalizing the text, preparing it for signature, and completing necessary domestic procedures before it enters into force.
As part of Ecuador’s commitments under this new arrangement, it has agreed to take steps towards fostering a more reciprocal trade relationship with the United States. In response, the U.S. government plans to remove reciprocal tariffs on certain qualifying exports from Ecuador once these steps are taken.