By Diplomacy Journal Lee Kap-soo

Patricio Esteban Troya Suarez, Ambassador of Ecuador to the Republic of Korea, visited the Ministry of Government Legislation (MOLEG) and met with Minister Lee Wan-kyu on May 19.

During the visit, the two shared that Ecuador's internal approval process for the entry into force of the Korea-Ecuador Strategic Economic Cooperation Agreement (SECA) has been completed, and requested the interest and cooperation of the Ministry of Government Legislation in Korea's internal approval process.

“The MOLEG is of great significance as it provides for the elimination of tariffs between the two countries, the opening of services, and support for business investment, thus creating an institutional framework for expanding investment in various industries in Ecuador, which is experiencing the Korean Wave,” Minister Lee Wan-kyu said.

“It will also contribute to diversifying the structure of Korean exports to Ecuador, which are currently centered on automobiles and synthetic resins, and opening up the South American export market for Korean companies in the future,” he said.

Lee congratulated the ambassador on his appointment and said, “We are looking forward to strengthening economic cooperation between Korea and Ecuador to the benefit of both countries.”