India and Ecuador Discuss Trade Agreement
India and Ecuador are in talks to create a Preferential Trade Agreement (PTA), aiming to increase trade between the two nations. This comes after Ecuador’s Foreign Minister, Gabriela Sommerfeld Rosero, completed a two-day visit to New Delhi.
During meetings with India’s Commerce and Industry Minister, Piyush Goyal, both sides discussed a plan for the PTA, particularly focusing on expanding Indian pharmaceutical exports to Ecuador. They also looked into enhancing cooperation in critical minerals, such as copper and gold, which are essential for industries and energy transitions.
The discussions were a significant part of the visit, signaling a renewed effort to strengthen ties between India and Ecuador across various sectors.
Moreover, Sommerfeld met with External Affairs Minister S. Jaishankar, where they reaffirmed their shared goal of enhancing cooperation in fields like healthcare, agriculture, digital technology, cultural exchanges, and capacity building.
A key highlight was Ecuador’s announcement to join the International Solar Alliance and the International Big Cat Alliance, which are initiatives supported by India focusing on climate action and biodiversity.
Both countries also signed a Memorandum of Understanding (MoU) where India will offer grant assistance of up to Rs 12 crore over five years for Quick Impact Projects in Ecuador, aimed at community development and socio-economic growth.
In the health sector, Sommerfeld met Union Health Minister JP Nadda to discuss affordable healthcare options and potential regulatory cooperation, including Ecuador’s interest in recognizing the Indian Pharmacopoeia. They agreed to work towards a health cooperation MoU.
Ecuador’s minister expressed interest in India’s public welfare systems by visiting a Jan Aushadhi Kendra at the All India Institute of Medical Sciences, aiming to learn about low-cost medicine distribution for implementation in Ecuador.
She also explored India’s digital public infrastructure, including payment systems similar to UPI, Direct Benefit Transfers, and the Aadhaar digital identity framework, as well as possibilities for collaboration in artificial intelligence.
Sommerfeld paid respects to Mahatma Gandhi at Rajghat, interacted with Indian industry leaders, and inaugurated Ecuador’s Cultural Center in the capital.
This visit follows the establishment of India’s resident embassy in Quito in November 2022, highlighting the growing relationship as New Delhi increases its engagement with Latin America.
