India and Ecuador might ink a preferential trade agreement
What's the story
India and Ecuador are considering a preferential trade agreement (PTA) to strengthen their economic ties. The two countries also plan to enhance cooperation in healthcare, agriculture, and digital technology. External Affairs Minister S Jaishankar and his Ecuadorian counterpart Gabriela Sommerfeld Rosero held talks this week on ways to further strengthen bilateral relations.
Diplomatic visit
Jaishankar, Sommerfeld reaffirm commitment to enhance cooperation
Sommerfeld's two-day visit to India, with her deputy Alejandro Davalos, has opened a "new chapter" in strengthening bilateral ties between the two nations. The Ministry of External Affairs (MEA) said that during their talks on April 29, Jaishankar and Sommerfeld reaffirmed their commitment to enhancing cooperation in many areas including healthcare and pharmaceuticals, agriculture, trade and investment, digital technology among others.
International collaboration
Ecuador joins International Solar Alliance
Sommerfeld handed over formal letters to the Indian side marking Ecuador's decision to join the International Solar Alliance (ISA) and the International Big Cat Alliance (IBCA). Jaishankar and Sommerfeld also signed a Memorandum of Understanding (MoU) for Indian grant assistance to implement 'Quick Impact Projects' (QIPs) in Ecuador. Under this agreement, India will offer grant assistance worth up to ₹12 crore over five years for various socio-economic development projects.
Trade talks
Sommerfeld meets Piyush Goyal to discuss roadmap for PTA
Sommerfeld also met Commerce Minister Piyush Goyal to discuss a roadmap for a PTA between the two countries. The talks also focused on increasing Indian pharmaceutical exports to Ecuador and supply chain partnerships for critical minerals such as copper and gold. Sommerfeld also met Union Health Minister J P Nadda to advance bilateral health cooperation, with a focus on affordable healthcare solutions and high-end medical systems.