India and Ecuador exploring preferential trade deal to boost economic ties

E-PaperSubscribeSubscribeEnjoy unlimited accessSubscribe Now! Get features like New Delhi, India and Ecuador are looking at the possibility of firming up a preferential trade pact, besides agreeing to shore up cooperation in areas of healthcare, agriculture and digital technology. India and Ecuador exploring preferential trade deal to boost economic tiesWays to further solidify bilateral relations were the focus of talks between External Affairs Minister S Jaishankar and his Ecuadorian counterpart Gabriela Sommerfeld Rosero this week, according to the Ministry of External Affairs . The two-day visit of Foreign Minister Sommerfeld, along with her deputy Alejandro Davalos, to India marked a "new chapter" in strengthening bilateral ties between the two nations, the MEA said on Saturday. The ministry said that in their talks on April 29, Jaishankar and Sommerfeld "reaffirmed their commitment to enhancing bilateral cooperation in multiple areas, including healthcare and pharmaceuticals, agriculture, trade and investment, digital technology, cultural relations, capacity building and cooperation in multilateral institutions". It said Sommerfeld handed over formal letters to the Indian side marking Ecuador's decision to join the International Solar Alliance and the International Big Cat Alliance . Jaishankar and Sommerfeld also signed a Memorandum of Understanding for Indian grant assistance to implement 'Quick Impact Projects' in Ecuador. Under this agreement, India will provide grant assistance worth up to ₹12 crore to Ecuador over a period of five years for the implementation of various socio-economic development projects. "The implementation of these projects in the identified areas will enhance the well-being and quality of life of local communities in Ecuador, fostering development and public trust," the MEA said. Sommerfeld also met Commerce Minister Piyush Goyal and the two leaders discussed a roadmap for a preferential trade agreement between the two countries, it said. The discussions also focused on scaling up Indian pharmaceutical exports to Ecuador and supply chain partnerships for critical minerals like copper and gold, it added. Sommerfeld also met Union Health Minister J P Nadda to discuss advancing bilateral health cooperation, specifically focusing on affordable healthcare solutions and high-end medical systems. "The discussions centred on establishing an institutional technical mechanism to advance various initiatives, including the recognition of Indian Pharmacopoeia by Ecuador to exchange information and promote regulatory cooperation, with the aim of strengthening bilateral relations in the field of medical products," the MEA said. They also agreed to have an MoU on health cooperation between the Union Ministry of Health and Family Welfare and its counterpart ministry in Ecuador, it said. This article was generated from an automated news agency feed without modifications to text.