Andina

Peace contributed to Peru-Ecuador trade growth

18:21 | Quito (Ecuador), Oct. 26.

Peruvian President Martin Vizcarra on Friday affirmed the peace treaty between Peru and Ecuador not only resulted in stability for the development of both countries, but also in noticeable economic benefits, as it increased the commercial exchange.

According to the Head of State, before the 1998 Brasilia Agreement was signed, bilateral trade did not even exceed US$300 million.

However, once peace had been consolidated, the trade balance expanded up to US$3 billion. 

"It is stable, but nowadays trade relations are considerably greater than before," he stressed.

The statesman went on to add that —although this has been a positive increase— it is not sufficient and could grow even more. 

Within this framework, the top official indicated he supports the possibility of Ecuador becoming a member of the Pacific Alliance (AP), the trade bloc comprised of Peru, Chile, Colombia, and Mexico. 

"(…) How could we not give priority to a neighboring country, with which we share the Pacific Ocean and is willing to join," he underlined. 

Furthermore, President Vizcarra stated it is necessary for both nations to work together in order to confront crime. 

Additionally, he recalled organized crime gangs do not acknowledge nor respect borders. For that reason, it is imperative to develop a joint strategy aimed at fighting and defeating them.

Lastly, the Head of State affirmed the two countries wish to combat corruption, and each sector should take measures with the purpose of tackling this scourge. 

Remarks were made during the 12th Peru-Ecuador Binational Cabinet closing ceremony. 

It must be noted Binational Cabinets constitute a mechanism for political dialogue to be held between two countries with the purpose of working on specific issues of common concern included in the bilateral agenda.  
(END) CCR/DTK/MVB

Published: 10/26/2018