Ecuador-South Korea SECA Trade Agreement Ratified via Decreto Ejecutivo 359 — 98.9% Tariff-Free Coverage

Ratification Timeline

Date	Action
2 September 2025	Original signing (Quito)
19 March 2026	Constitutional Court approval
14 April 2026	Asamblea Nacional approval (83 votes)
15 April 2026	Presidential ratification (Decreto Ejecutivo 359)

Source: El Universo (link).

Agreement Structure

• 23 chapters covering goods, services, investment, IP, dispute resolution
• Stated objective: "un mercado amplio y seguro para bienes y servicios"
• Coverage: 98.9% of Ecuador's exportable supply to Korea moves to 0% tariff

Tariff Schedule by Product

Product	Current Korean tariff	New treatment
Shrimp	20%	Immediate elimination
Bananas	30%	Phased to 0% over 5 years
(Aggregate exports)	20-45% range	98.9% to 0%

Market Sizing

South Korea destination market characteristics:

Metric	Value
Population	~51 million
Per-capita income (vs Ecuador)	~6×
Food import dependency	~70%

Korea's structural food deficit creates persistent demand for agro-industrial imports. Ecuadorian producers with Korean-compliant phytosanitary certification can access this directly under SECA terms.

Industry Body Position

Cámara de Comercio Ecuatoriano-Coreana stated objective: "duplicar el intercambio comercial en menos de cinco años" — bilateral trade doubling target within 5 years.

Reference base bilateral trade volumes not disclosed in source; comparable LATAM agreements (Chile-Korea FTA in force since 2004) provide trajectory benchmarks.

Implications by Sector

Aquaculture (CNA, shrimp exporters): Largest immediate beneficiary. 20% → 0% on shrimp delivers competitive pricing vs Vietnam (which has Korea FTA), Thailand (no FTA), and India. Expect H2 2026 export reallocation toward Korean buyers.

Banana exporters (AEBE): Phased 5-year reduction provides planning runway. Competitive landscape includes Philippine bananas (geographic advantage to Korea) — Ecuadorian producers will need to compete on quality and consistency rather than pure cost.

Cacao (ANECACAO): Cacao not specifically called out in tariff disclosure but sits within the 98.9% covered. Korean specialty chocolate market is small but high-margin; SECA enables differentiated positioning.

Manufactured imports from Korea: Bilateral concession schedule for Korean automotive, electronics, and capital goods entering Ecuador not detailed in source. Hyundai, Kia, Samsung, LG, and Korean industrial equipment vendors are existing Ecuadorian market participants.

Geopolitical Context

Third major economic agreement signed Q1 2026:

Partner	Status
United States	Q1 2026 cooperation agreement
United Arab Emirates	Q1 2026 cooperation agreement
South Korea	Q1 2026 SECA ratified

Diversification offset against Colombia tariff war (-44% bilateral February 2026) and ongoing China commercial concentration (Coca Codo Sinclair / PowerChina; see separate brief).

What to Watch

• Implementation rule-making: Customs procedures, certificate-of-origin requirements, dispute resolution operationalization (typical 6-12 month implementation lag from ratification)
• First Korean shrimp shipments under 0% tariff: Practical test of supply chain readiness
• Korean direct investment announcements: Investment chapter creates investor protection framework; specific FDI commitments not disclosed in source
• Korean-Ecuadorian Chamber milestones: Bilateral trade volume tracking against the 5-year doubling target
• Banana exporter market entry strategy: Pre-positioning ahead of Year-1 Korean market access
• Competitive response from Vietnam, Thailand, Philippines: Existing Korean trade partners may pursue tariff renegotiations

Source: El Universo