Ecuador-South Korea Trade Agreement Ratified — 98.9% of Ecuadorian Exports Will Hit Korea Tariff-Free

What Was Signed

On April 15, 2026, President Daniel Noboa ratified the Strategic Economic Cooperation Agreement (SECA) between Ecuador and South Korea via Decreto Ejecutivo 359, per El Universo (source).

The Asamblea Nacional approved it the day prior with 83 votes. The Constitutional Court signed off on its constitutionality on March 19, 2026. The original signing was September 2, 2025 — the deal has been in the pipeline for nearly two years.

What's Actually In It

The agreement runs 23 chapters. The headline numbers:

• 98.9% of Ecuador's exportable supply will reach South Korea tariff-free
• Currently, Ecuadorian exports face tariffs of 20–45% entering Korea

Key product impacts:

| Product | Current Tariff | New Treatment | |---|---|---| | Shrimp | 20% | Immediate elimination | | Bananas | 30% | Phased to 0% over 5 years |

The Market

South Korea is a high-value market by Ecuadorian standards:

• ~51 million consumers
• ~6× Ecuador's per-capita income
• Imports ~70% of its food — structural demand for Ecuadorian agricultural, fishing, and agro-industrial products

That last data point is the key one. Korea has limited arable land and relies heavily on imported food. For Ecuadorian shrimp, bananas, cacao, and processed seafood, this is an underexposed market with real demand.

The Chamber's Pitch

The Cámara de Comercio Ecuatoriano-Coreana stated its goal is "duplicar el intercambio comercial en menos de cinco años" — to double bilateral trade volume within five years.

That target gives a sense of what success looks like in the chamber's eyes. Whether it materializes depends on Ecuadorian exporters actually working the Korean channel.

What This Means for Expats

If you run an Ecuador-based export business:

• Shrimp, processed fish, and agro-industrial products get a real market opening. If you have product that fits Korean demand, this is the moment to start the channel work.
• Bananas get a five-year ramp. Plan accordingly — the phased reduction means competitive Korean pricing builds gradually.
• Korean import requirements are strict. Phytosanitary, packaging, and labeling standards are tighter than for many other markets. Get the certifications lined up before you commit shipping volume.

If you're an expat shopper or general consumer:

• Korean imports get cheaper, eventually. SECA is bilateral — Korean manufactured goods (electronics, appliances, automotive) entering Ecuador also see tariff reductions over time. The exact schedule wasn't published in the El Universo summary; expect specific items to drop in price over multi-year windows.
• Korean cars (Hyundai, Kia) are already significant in Ecuador's market. Expect competitive pressure on pricing as tariff schedules unfold.

Geopolitical context:

• This is part of Noboa's diversification push. With Colombia in a tariff war (-44% bilateral trade in February 2026) and U.S. relations under reform, opening Asian markets is a hedge.
• South Korea joins the U.S. and UAE as economic cooperation partners signed in Q1 2026.

Source: El Universo