The presidents of Canada and Ecuador reiterated that negotiations for the signing of a free trade agreement will begin in April 2024.

The Prime Minister of Canada, Justin Trudeau received this Tuesday, March 5, 2024, the Ecuadorian President, Daniel Noboa. The leaders agreed to promote bilateral trade relations and begin negotiations in April for the signing of a free trade agreement between the two countries.

Trudeau, while receiving President Noboa at the Canadian Parliament, stressed that the meeting would be an opportunity to “speak in all forms” in which the two countries are aligned.

“We are launching negotiations for a free trade agreement. We are talking about all the different ways we can work together not only to create opportunities for citizens but also to find solutions to the many problems facing the world,” he added. Trudeau who called Noboa a “visionary leader”.

For its part, Noboa affirmed that the two countries share “democratic values” and that both “care about the environment and the world.”

“We are a very young nation that wants to work with the rest of the world, also generating opportunities for our young population. We have a high level of youth unemployment but we are working with public policies and international cooperation to be able to give a better life to the future families of Ecuador,” added the Ecuadorian president.

The Chancellor also participated in the meeting, Gabriela Sommerfeld, and the Ministers of Production and Energy, Sonsoles García and Andrea Arrobo, respectively, who accompany Noboa on an official visit to this North American country looking for investments.

“We are strengthening ties with Canada by hosting a meeting with Prime Minister Justin Trudeau, highlighting the notification to the Canadian Parliament regarding the intention to negotiate a trade agreement”, The Ecuadorian Ministry of Foreign Affairs assured this through its official channels.

“Canada and Ecuador seek to increase bilateral investment and trade.”

Ecuadorian Ministry of Foreign Affairs

And he also claimed that “during the meeting, the Chancellor and the President discussed circular migration projects and cooperation against organized crime. Additionally, they “renewed the Dark Ship Detection project and agreed to sovereign credit for clean energy initiatives.”

During his visit to Canada, Noboa and his delegation met with businessmen and signed mining investment commitments for 4.8 billion USD.

Ecuador will receive a loan of 88.4 million dollars

Likewise, Sommerfeld and Canada's Minister of International Development, Ahmed Hussen, signed a letter by which the Canadian government announced the granting of a loan of up to $120 million Canadians ($88.4 million), to the Ecuadorian government.

The funding will contribute to energy transition in the country, promoting investments in renewable energy and facilitating access to clean and reliable energy, among other objectives, assured the Ministry of Foreign Affairs.

According to the minister, the loan will also have a positive impact in isolated indigenous communities, They often rely on fossil fuels to produce energy.

Furthermore, it explores a possible technical assistance of up to CA$6.5 million (US$4.8 million) to help the Ministry of Energy and Mines promote an inclusive energy sector and universal access to clean energy.