Although South Korea and Ecuador established diplomatic relations more than 60 years ago, Ecuador occupies a relatively low ranking in terms of importance as an export market for the ROK compared to other Latin American trade partners.

However, at the beginning of the year, Ecuador began serving its two-year term as a non-permanent member of the U.N. Security Council (UNSC). And as a result, Quito and Seoul are poised to deepen their economic ties, particularly in the context of a potential free trade agreement between the two countries.

While prospects for economic relations between the ROK and Ecuador are on