Economy

New Trade Deal? Talks Between Ecuador and US First in Almost 20 Years

A historic meeting in Washington – US President Trump and Ecuadorian President Lenín Moreno meet marking the first summit in almost twenty years between leaders of the two nations.

Partnership with Ecuador

The US and Ecuador haven’t had the best relations in the last decade, mainly during leftist Rafael Correa’s mandates in the country, although President Moreno has been looking to reignite the flame between the two, welcoming US cooperation on a plethora of issues, as well as joining the US and 60 other nations in backing Juan Guaido – Venezuelan opposition leader.

“Ecuador has, after having gone through very hard times, and especially in regards to its international relationships, has decided to come together again with the international community and refresh relationships. We need to remember that the US is the main trading partner for Ecuador,” Moreno said during his visit in Washington.

The US has also given Ecuador $72 million in aid due to the large amount of people leaving Venezuela, with Ecuador housing close to 400,000 Venezuelans at the moment.

Despite Moreno’s dedication to bettering relationships internationally, he’s currently at a weak point of his presidency after weeks of protests over a decision he later retracted regarding fuel subsidies, as well as the sluggish pace of economic growth in the country, leaving Moreno’s approval rating quite stagnant at around 20%.

Moreno and Trump’s meeting, to-be-attended by US trade negotiator Robert Lighthizer as well, will be discussing several issues, among which commercial markets, investment, trade and collaborations on problems like drug trafficking and corruption.

A trade deal between the two countries would mark yet another major economic win for President Trump in advance of the pivotal 2020 election.

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