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.
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.