Ecuador is a Latin American country, and its inclusion as a full member of the
represents a great market opportunity, as 17 million people would be added into the bloc,
"Ecuador shares culture and similar characteristics with the four markets that are part of the Alliance," (CCL) Foreign Trade Research and Development Institute (Idexcam) Executive-Director Carlos Posada expressed.
Savings factor
In this sense, the former Deputy Trade Minister mentioned the Ecuadorian population prioritizes the savings factor when making purchase-related decisions.
On the other hand, Posada revealed that Ecuadorian imports represented 17% of the total in 2018, and registered a 17% year-on-year growth between 2016 and 2018.
The
Pacific Alliance —created in 2011— is an integration initiative focused on
reducing trade barriers, as well as fostering the free circulation of goods, services, capitals, and people across its territories.
The bloc relies on
observer countries and represents the eighth-largest economy in the world.
On an annual basis, the
Pacific Alliance rotates the pro-tempore presidency among its members.
Peru handed over the presidency to Chile at the recent summit held in Lima.