Korea - Ecuador Strategic Economic Cooperation Agreement
The Korea - Ecuador Strategic Economic Cooperation Agreement (SECA) is intended to establish a free trade area between the two countries by eliminating or reducing tariff barriers per the provisions of the agreement. The agreement has NOT been officially signed yet and is NOT yet in effect. Trade representatives from the two countries have signed a provisional agreement announcing the conclusion of negotiations.
For promulgation, the agreement has to be first officially signed by representatives of the two governments; and then ratified by the Korean and Ecuadorian National Assemblies
The Agreement covers, among others, the elimination of tariffs for the following goods:
- Electric generation equipment
- Mechanical equipment including pumps, appliances, and other advanced machinery
- Electric motors, transformers, batteries, and capacitors
- Motor vehicles
- Mineral ore and processed products including graphite, manganese, copper, aluminum, and nickel
- Various products manufactured using above minerals and metals such as sheets, powders, bars, and plates
- Photovoltaic cells
The Agreement also includes rules of origin and local content provisions. Goods are counted as originating from each country if:
- wholly produced or obtained in the country (applicable largely to minerals, raw materials, and waste and scrap materials)
- having undergone manufacturing processes that warrant a change in the HS code or meeting regional value content requirements (applicable largely to manufactured goods)
Want to know more about this policy ? Learn more (Korean)