South Korea and Ecuador on Thursday discussed ways to expedite the establishment of a bilateral free trade deal to boost trade and investment and to deepen industry ties, Seoul's trade ministry said.
Negotiations are underway between the two sides for the Strategic Economic Cooperation Agreement, a type of free trade pact, with nine rounds of talks having been held since 2016.
On Thursday, Trade Minister Ahn Duk-geun met with his Ecuadorian counterpart, Julio Jose Prado, in Seoul and discussed how to make progress in their talks for the SECA and to beef up economic exchanges and supply chain cooperation, according to the Ministry of Trade, Industry and Energy.
They have been narrowing differences on major issues, and are expected to clinch a deal soon if the talks continue without a hitch, the ministry said.
If the deal is reached, South Korea will be the first Asian country to have a free trade agreement with Ecuador.
Ecuador is South Korea's sixth major exports destination, with bilateral trade volume coming to about $980 million last year, according to government data.
The South American nation is rich in natural resources, such as copper, zinc and gold. (Yonhap)
