The Ambassador of Ecuador to India, H.E. Mr. Mentor Villagomez met Ms. Rita Teotia, Commerce Secretary, Government of India on 9^th 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.

Establishment of Joint Economic and Trade Committee creates a primary bilateral forum to advance trade and investment cooperation. Establishment of a bilateral Joint Economic and Trade Committee (JETCO) formalises a dedicated institutional mechanism to develop, deepen and coordinate trade and investment relations between India and Ecuador. The Protocol creates JETCO as the primary consultative and promotional forum, with biennial plenary meetings to set cooperation agendas, review initiatives and monitor implementation; the inaugural meeting is proposed to be hosted in India.