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Ecuadorian President told President Biden his country hopes to negotiate a trade deal with the U.S.
Ecuadorian President Guillermo Lasso on Monday told President Biden his country hopes to negotiate a trade deal with the U.S. The leaders met in Washington, DC, where they discussed economic integration initiatives such as the developing Americas Partnership for Economic Prosperity, regional migration and economic cooperation, among other issues, according to a Dec. 19 White House readout of the meeting.
Ecuadorian President Guillermo Lasso on Monday told President Biden his country hopes to negotiate a trade deal with the U.S.
The leaders met in Washington, DC, where they discussed economic integration initiatives such as the developing Americas Partnership for Economic Prosperity, regional migration and economic cooperation, among other issues, according to a Dec. 19 White House readout of the meeting.
Following their discussion, Lasso tweeted that he and Biden had a “very productive meeting.”
Lasso wrote that he reaffirmed Ecuador’s “interest in a trade agreement to further unite both nations,” according to an informal translation of the tweet.
Biden and Lasso also discussed “strengthening regional economic integration through the bilateral Trade and Investment Council Agreement, as well as the Americas Partnership for Economic Prosperity initiative, by promoting investment, deepening economic cooperation, establishing high standards for labor and the environment, and providing opportunities for working families,” according to the readout.
Biden in June announced APEP at the Summit of the Americas in Los Angeles. The administration has not shown much interest in pursuing free trade agreements, instead opting to pursue multilateral initiatives such as APEP and the Indo-Pacific Economic Framework.
The administration has not announced many details on APEP since June. A State Department official last month said the agency hoped to release a “declaration” outlining initial participants by the end of the year. Ecuador is expected to be among them.
The U.S. and Ecuador in 2020 signed a limited trade deal that both sides suggested could lead to further commitments. Last month, the two agreed to explore how they might expand trade ties via potential negotiations on labor, the environment and digital trade as well as “sectoral” accords.
Since becoming president last year, Lasso has pushed to expand Ecuador’s trade ties with other countries, including China. Last week Lasso said a bilateral free trade agreement with China was “practically closed,” according to Reuters. China and Ecuador both are vying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The fiscal year 2023 National Defense Authorization Act, passed by the Senate last week, includes a bill aimed at boosting U.S.-Ecuador trade ties.
The bill calls on federal agencies to create strategies to promote “cooperation and information sharing to encourage awareness of and increase trade and investment opportunities” between the two countries, support the Ecuadorian government’s efforts to build a more “open, transparent, and competitive business environment, including by lowering trade barriers,” and help the country digitize its customs process, among other measures.
The White House readout said Biden and Lasso on Monday “welcomed congressional approval of the bipartisan United States-Ecuador Partnership Act of 2022 to expand the United States’ cooperation with Ecuador on strengthening democratic institutions, promoting inclusive economic growth, and supporting environmental conservation, among other issues.”
Biden is expected to sign the defense bill this week.