Ecuador is an important partner in Latin America. The priorities of EU-Ecuador cooperation are to:
Relations with the EU are based on a 1993 regional Framework Cooperation Agreement with the countries now known as the Andean Community and on the 1996 Rome Declaration . Relations were strengthened with the signature of a 2003 regional Political Dialogue and Cooperation Agreement , which has not yet entered into force since it requires ratification by all 27 EU countries. Dialogue also takes place within the framework of broader regional relations between the EU and the Community of Latin American and Caribbean States (CELAC).
In April 2009, following invitations from the Ecuadorian Government and the electoral authorities, the European Commission deployed an EU Election Observation Mission (EOM) to Ecuador to observe the general elections.
Trade between EU and Ecuador reached €3.781 billion in 2011. The EU was Ecuador’s second-largest trade partner to Ecuador in 2010 (almost 10% of total imports). Ecuador enjoys privileged market access to the EU through the Generalised System of Preferences (GSP Plus) scheme.
The Ecuadorian economy grew by 3.6% in 2010 and 7.8% in 2011.