India and Ecuador have started discussing a roadmap for a Preferential Trade Agreement (PTA) between the two countries.
Broad contours of the proposed PTA were discussed during a meeting between Commerce Minister Piyush Goyal and visiting Ecuador Minister of Foreign Affairs and Human Mobility Gabriela Sommerfeld Rosero.
The Ecuador Minister, who was accompanied by Deputy Minister of Foreign Affairs Alejandro Davalos, concluded a two-day official visit to India, marking a new chapter in strengthening bilateral relations between the two nations.
The visit, which commenced on April 29, focused on deepening cooperation across various sectors including trade, healthcare, agriculture and digital infrastructure, the Ministry of External Affairs said on Saturday.
Foreign Minister Sommerfeld held productive discussions with External Affairs Minister S. Jaishankar. Both leaders reaffirmed their commitment to enhancing bilateral cooperation in multiple areas including healthcare & pharmaceuticals, agriculture, trade & investment, digital technology, cultural relations, capacity building, and cooperation in multilateral institutions.
Foreign Minister Sommerfeld handed over formal letters marking Ecuador’s decision to join the International Solar Alliance (ISA) and the International Big Cat Alliance (IBCA).
The two countries also signed and exchanged an MoU regarding Indian grant assistance for implementation of Quick Impact Projects (QIPs). Under this agreement, India will issue grant assistance worth upto Rs. 12.0 crore to Ecuador, over a period of five years for implementation of socio-economic development projects in Ecuador.
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.
During the meeting with Piyush Goyal, the visiting leader also discussed scaling up of Indian pharmaceutical exports to Ecuador and supply chain partnerships for critical minerals like copper and gold.
Foreign Minister Sommerfeld also met Union Health Minister JP Nadda, to discuss advancing bilateral health cooperation, specifically focusing on affordable healthcare solutions and high-end medical systems. Discussions centered on establishing an institutional technical mechanism to advance various initiatives, including the recognition of Indian Pharmacopoeia (IP) by Ecuador to exchange information and promote regulatory cooperation.