On August 28, the Minister of Production and Foreign Trade, Ivan Ontaneda, and Luis Alberto Moreno, the president of the Inter-American Development Bank (IADB), signed an agreement creating the Single Investment Window. The idea is to facilitate Foreign Direct Investment and boost new investment as part of the National Investment Attraction and Facilitation System.
Ontaneda also traveled to Mexico to promote the country’s accession to the Pacific Alliance and met with the Mexican Secretary of Economy, Graciela Márquez, to discuss the process for signing bilateral agreements. The treaty has to be signed for Ecuador to join the alliance. Negotiation rounds involving the technical teams are expected to begin in the first week of October in Quito and continue in the first week of November in Mexico.
The minister also signed a memorandum of understanding and cooperation with the Mexican Business Council for Foreign Trade, Investment and Technology, with the aim of formalizing the relationship between the two institutions and promoting mutual support for trade and investment. Currently, Ecuador has a trade relationship worth US$ 900 million with Mexico.