India and Ecuador set up joint forum to boost bilateral trade
India on Friday signed an agreement with Ecuador for the setting up of the Joint Economic and Trade Committee (JETCO) with an aim to bolster existing trade relations between the two countries. “The JETCO will function as the primary forum for discussion and other promotional activities on trade and investment issues and will be meeting once in every two years. The first meeting of the JETCO is proposed to be held early next year in India,” Ministry of Commerce and Industry said in a statement. India’s Commerce Secretary Rita Teaotia met Ecuador Ambassador to India Mentor Villagomez in New Delhi and discussed measures to enhance bilateral trade and investment relations between the two nations. India’s trade with Ecuador has gone up consistently over the past few years. Its total trade was worth $98.9 million in 2009. It reached $660.13 million in 2014. “During the year 2014-15, the bilateral trade between the two countries stood at $1290.77 million,” the ministry said. India’s key export items to Ecuador include mineral fuels/oils, wood products, cocoa, aluminum related articles, machinery and mechanical appliances, lead, copper and zinc. India imports iron and steel, vehicles, pharmaceutical products, organic chemicals, plastics related articles, machinery and mechanical appliances, electrical machinery and equipment from the South American country.
October 10, 2015 | 1:11pm IST.
to success.