Trade between Peru and Ecuador to reach $3 billion in 2011



Ecuadorian Ambassador to Peru Diego Ribadeneira says trade between the two countries is increasing. (Photo: Andina)

Ecuadorian Ambassador to Peru Diego Ribadeneira reported Wednesday that trade between Peru and Ecuador will soar 25 percent in 2011 to reach $3 billion.

"Bilateral trade totaled $2.3 billion in 2010 and this year it will reach $3 billion," the diplomat said.

Ribadeneira went on to say that the trade dynamism between both countries in the first six months of 2011 has improved the early projections, which indicated a growth of only 10 percent.

Furthermore, the diplomat noted that trade between both countries is expected to grow by at least 25 percent in the next five years, thanks to the strengthening of trade and political relations.

"The amount of trade will not be the only one to increase, but also the number of tariff items exported to both nations, in other words, it means more productivity and exports of each country."