Expansion of trade ties between Iran and Ecuador as one of the most important producers of oil, fruits and agricultural products with an important share in 12-trillion-dollar market of Latin America can greatly benefit both countries.
Iran considerably made progress in economic activities after the victory of 1979 Islamic Revolution. Since the Middle Eastern countries could not meet Iran’s requirements and attract its products, Iran had to look for new economic partners in other parts of the world.
Latin America with a population of about 500 million and abundant natural and human resources could be a suitable potential market for Iran’s products.
Many Latin American countries are trying to expand their economy and Iran can be a suitable economic partner for them.
Latin American countries, including Ecuador are very rich in terms of natural resources.
Ecuador is a neighbor of Colombia and Peru. Its foreign trade balance, including its important export items such as oil, banana, shrimp, timber, coffee, industrial machinery, cars, fuel, foodstuff and home appliances hit $36 billion.