Korea, Ecuador to hold 3rd round of talks for trade deal

South Korea and Ecuador will hold the third round of talks to discuss ways to boost economic and investment exchanges, the trade ministry here said Tuesday.

The negotiations on the strategic economic cooperation agreement, a type of free trade pact, will be held in the Ecuadorian capital of Quito starting Monday (local time) and run through Friday, according to the Ministry of Trade, Industry and Energy.

Officials from the two countries will discuss various trade issues involving manufactured goods, services and investment, as well as government procurement.

Seoul and Quito began official negotiations in August last year to conclude the deal as trade between the two nations has been on a steady rise for a decade.

Bilateral trade reached US$903 million in 2015, up from $399 million in 2006, with South Korea exporting cars and auto parts to the South American country and importing Ecuadorian crude oil and aluminum. (Yonhap)