In a diplomatic news update, the Ambassador of Ecuador to India, H.E. Mr. Mentor Villagomez met Ms. Rita Teotia, Commerce Secretary, Government of India on 9th October, 2015 and discussed measures to enhance bilateral trade and investment relations between both the countries. During the year 2014-15, the bilateral trade between the two countries stood at US $ 1290.77 million.
The Protocol for the establishment of the India-Ecuador Joint Economic and Trade Committee (JETCO) was signed during the meeting with the aim of further improving, deepening and strengthening the existing trade relationship between India and Ecuador. 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.