In an effort to strengthen trade ties between India and Ecuador, students from the School of International Studies presented to the members of the India-Ecuador Chamber of Commerce and the Embassy of India in Bogota a market study focused on key opportunities to boost trade between the two countries. This work was developed as part of the International Business degree process.
The event was attended by prominent authorities and representatives of the sector, among them Dr. Vineet Kumar, representative of the Embassy of India in Bogota, and the former Ambassador of Ecuador to India, Hector Cuevas. During the session, the participants discussed strategies to foster new business alliances and enhance the growth of strategic sectors in Ecuador and India.
The speakers emphasized that, although Ecuador and India have maintained trade relations for more than 60 years, economic exchange between the two countries has experienced a significant increase since the pandemic. In addition, the cultural context of the negotiations was discussed in depth and Ecuadorian products with high export potential were identified, such as balsa wood, cacao, pitahaya, tuna and quinoa.
To strengthen the trade relationship, it was recommended that a preferential trade agreement be implemented with staggered tariff reductions.. In the case of Ecuador, The importance of promoting investment in value-added products through tax incentives, financing and infrastructure improvements, as well as strengthening quality standards and international certifications, was emphasized. It was also suggested to negotiate the reduction of non-tariff barriers and encourage investment in agribusiness and business agreements.
For India, proposed facilitating the transfer of agricultural technology to Ecuador, adapting agro-technology products to Ecuador's needs and promoting investment by Indian companies in the country. They also stressed the need to diversify routes and types of long-term contracts to guarantee competitive rates, reduce costs and delivery times, and take advantage of new port infrastructure to optimize trade logistics.
This project was developed by the students:
- CHENOA ELIZABETH BALDEON PORRAS
- JESSIE ISABEL MONTES REYES
- HEIDY ALEXANDRA CHALEN COELLO
- SUA NICOLE PEÑAFIEL AVILA
- JOSE JULIAN LLERENA NOBLECILLA
- MARTINA BRAGANZA SIGUENZA
- JORGE ANDRES GARZON MEDINA
- JENNIFER IBETH LOPEZ VERA
- ELISSE JULIETTE NADER DROUET
- ELISA MARIA SANTOS ZAMBRANO
And guided by teachers: Oswaldo Patiño, Julio Díaz and Nicole Soto.
Together they contributed with a detailed analysis and strategic recommendations to consolidate trade growth between India and Ecuador.
