Ecuador out on top in EU agreement

After the signing of the commercial agreement between Ecuador and the European Union, the Ecuadorian government has claimed a victory. The statement was signed by Ecuadorean Minister of Foreign Trade Francisco Rivadeneira and Commissioner of Trade for the European Union, Cecilia Malmstrom.

The agreement seeks to diversify production and attract investment, and Ecuador hopes to increase exports by US $500 million annually, with many Ecuadoreans see the move benefiting the agricultural sector by adding value to export goods.

"The commercial agreement in the flower sector is very important. Europe is, has always been, the center of the flower industry. It is where the largest consumers per capita in the world are," said Alejandro Martinez, a rose exporter for Expoflores.

Principal exports to the EU will be bananas, shrimp, flowers, coffee, cacao and tea. Ecuador is the world's largest exporter of bananas, and saw export revenues of two hundred and eighty million dollars last year alone.

Some groups have raised concerns over the move, but President Correa has assured it will benefit the nation.

A representative of the NGO Accion Ecologica Cecilia Charres said, “The implications will be very serious. In the agricultural and campesino sectors more than anywhere we think, because they are making an effort to compete with huge production, with the powerhouse that is the European Union.”

The commercial agreement is currently being translated into the 24 languages making up the European Union. It has yet to be ratified by the 28 parliaments. The agreement is expected to go into effect by 2016.

Source: telesurtv.net