Ecuador and the European Union reached a trade agreement on Thursday, which supporters say will allow the Andean nation to increase its exports to the European bloc by at least $500 million in the next three years.
"After almost four years of work, finally we have closed a balanced agreement with the European Union, which maximizes opportunities, reduces to a minimum the costs, respects the country's development model and allows to protect our sensitive sectors," Ecuador's Foreign Minister Francisco Rivadeneira said in a statement from Brussels, but he didn't provide further details.
Officials from the EU's delegation in Ecuador weren't available for comment.
President Rafael Correa said this week that Ecuador could lose hundreds of millions of dollars’ worth of exports without a trade deal with the EU. He said the agreement was negotiated "carefully, with much patriotism."
The most sensitive issues in the negotiations were related to intellectual property, strategic sectors and public-sector purchases.
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