Showing posts with label Ecuador. Show all posts
Showing posts with label Ecuador. Show all posts

Thursday, November 7, 2013

Chicago and Quito, Ecuador Sign Historic Sister Airport Agreement to Increase Business, Trade and Tourism

The City of Chicago Department of Aviation (CDA), the Municipality of the Metropolitan District of Quito, Ecuador (MMDQ), and the Metropolitan Public Company of Airport Services and Special Zones and Regimes (EPMSA) in Quito yesterday signed an historic Memorandum of Understanding that links Chicago O'Hare International Airport and Quito's Mariscal Sucre International Airport in a "Sister Airport" agreement. The agreement was signed in Quito by CDA Commissioner Rosemarie S. Andolino; Dr. Augusto Barrera, Mayor of Quito; Eduardo Dousdebes, Secretary of MMDQ and Freddy Eguez Rivera, General Manager of EPMSA. 

"Today, we are taking the next step toward working together to promote trade, business, tourism and cultural relations between Chicago and Quito," said Commissioner Andolino. "Through our Sister Airport partnership, we will share lessons learned and best practices as we grow our operations for the future. We will establish working groups to exchange information in the areas of operations, maintenance and sustainability. The groups will also explore aviation-based business and commercial development opportunities and initiatives regarding marketing, tourism and cultural relations." 

In the near future, representatives from Quito Mariscal Sucre Airport will visit O'Hare to learn more about its operations and the new capabilities resulting from its expansion. The two airports will also discuss ways they can co-promote, in the airports, tourism and business between the two countries. 

Mayor Barrera also expressed his gratification with the new agreement. "This is a big step for geopolitical strategy and logistics for the city in order to connect destinations in less time.  It is a strategy focused on cargo and passengers, and identifies Chicago as a major tourist destination for Ecuadorians and vice versa. It is a truly transcendental issue for the future of our airport." 

Commissioner Andolino explained why this agreement serves the interests of both countries. "The Chicago market is one the most well-connected in the world, but we believe we can do more to reach more international destinations. There also is a great market in Chicago and the Midwest for the perishable goods grown and produced in Ecuador." 

"Ecuador also views O'Hare as an important hub linking Ecuador to other major markets around the globe," said Borys Mejia, Trade Commissioner for Ecuador in Chicago. "Our Sister Airport relationship is a natural outcome of the very positive discussions we have been having for some time. This relationship will benefit not only the two cities, but their surrounding regions and the two countries as a whole." 

O'Hare's current multi-billion dollar expansion program will greatly increase capacity for international air travel and transport to and from Chicago. Last week, O'Hare broke ground on a new state-of-the-art cargo facility. When complete, the center will give O'Hare the ability to nearly double its cargo operations. 

The Chicago Perishable Center at O'Hare, a new hub for international transport of perishable goods to and from Chicago, which will open in 2014, also is a key impetus for the agreement. The perishable center, the first of its kind in Chicago, will provide a direct air destination for the Ecuadorian produce, fish and floral products coming to the Midwest market.
 

Friday, October 11, 2013

Ecuador's Minister of International Trade: Chicago and Illinois Businesses are Key to Ecuador's Economic Growth; Praises Their Growing Relationships

CHICAGO  – Ecuador’s Minister of International Trade, Francisco Rivadeneira, visited Chicago Wednesday for meetings with key government and business leaders from Chicago and Illinois. In meetings with Deputy Mayor Steven Koch; Daniel Goff, Director of the Illinois Office of Trade and Investment; Cortez Carter, Managing Deputy Commissioner of the Chicago Department of Aviation, and leaders from the Chicago Council on Global Affairs, Rivadeneira outlined a number of business initiatives that are being finalized between Ecuador and Chicago and the State of Illinois, including a sister city relationship between Quito and Chicago and a “sister airport” relationship between Chicago O’Hare and Mariscal Sucre International Airport in Quito.
Francisco Rivadeneira, Minister of
 International Trade, Ecuador 

Mr. Rivadeneira underscored that Chicago business and governmental leaders should view Ecuador as an increasingly attractive country with which to develop strategic business partnerships. “We believe that Chicago and Illinois are going to be very instrumental in Ecuador’s economic growth. The region is a gateway to the Midwestern and Canadian marketplaces and a central hub for international transport of goods to faraway global markets,” he said. The sister airport agreement, for example, would facilitate direct passenger and cargo flights between the two cities and create opportunities for the respective countries to promote tourism and business development.

Of central importance is the new Chicago Perishable Center at O’Hare airport, a private entity which is now in its operational planning stages and will open in 2014. The Center will enable direct flights of perishable goods to and from O’Hare; goods will arrive fresher and more accessible to Midwestern and Canadian markets. “We are working to solidify agreements with passenger and cargo airlines so they will fly directly between Quito and Chicago O’Hare,” said Rivadeneira. “We also are going to urge TAME, the national airline of Ecuador, to begin passenger flights to and from O’Hare. These flights will increase tourism and commercial activity between the two countries. We are in discussion with American carriers as well.”

Ecuador's International Trade Minister Francisco Rivadeneira
holds meetings with Chicago political and business 
leaders October 9.
At the meeting with the Chicagoland Chamber of Commerce, Rivadeneira stated, “the Chicago area is home to many companies related to transportation, manufacturing, mining, eco-environment and technology with which we are now doing business in Ecuador. We want to do even more business with Illinois companies.”

“We are a resource-rich country and we’re just now beginning to develop them in a sustainable way,” he said. “We’re using American equipment to do the job, and we will need much more of it.” For American companies and startups, several advantages to setting up shop in Quito were noted: a skilled technical labor force, the low cost of living, same time zone and currency, tax incentives, etc.
Bill Moller interviews Francisco Rivadeneira on First Business
Rivadeneira also emphasized Ecuador’s strong initiatives in technology and education. Among them, a government sponsored program that sends Ecuador’s best students to top US universities. “We’re going to expand the program; Illinois has several top schools with whom we hope to develop partnerships,” he said.

Another key initiative is the “City of Knowledge” near Quito, a large national program to bring together technologists, engineers, scientists and entrepreneurs to be used as a cluster for business development from a wide variety of disciplines, and for innovative approaches to such efforts as the transition to alternative, sustainable energy sources and the building of new national infrastructure. “The City of Knowledge is Ecuador’s nucleus of new ideas and technological breakthroughs that will create Ecuador’s sustainable, knowledge-based economy of the future,” said Rivadeneira. “We hope to develop partnerships with Chicago’s technology incubator programs. We want technology firms in Illinois to know we are definitely a forward-thinking country.”

To see more photos, visit Flickr here.

Photos by Cindy Kurman, Kurman Communications, Inc.

Friday, October 4, 2013

Ecuador's Minister of Foreign Trade embarks on first-ever American tour; Chicago visit on October 9

Newly created Cabinet-level position emphasizes Ecuador's priority focus on trade relations with U.S.A.

Francisco Rivadeneira lo res with borderEcuador's Minister of Foreign Trade, Mr. Francisco Rivadeneira, will soon begin a series of meetings with American political and business leaders. His visit to Chicago on October 9 is one of the major stops on his American tour. Mr. Rivadeneira's role as Minister of Foreign Trade is a newly created, cabinet level position, reporting directly to President Rafael Correa. As a member of President Correa's cabinet, Mr. Rivadeneira has a crucial role in improving and expanding trade relations with the United States, which is Ecuador's largest trading partner. He will be accompanied on his Chicago visit by Ecuadorian Ambassador to the United States, Ms. Nathalie Cely.

Finalizing trade agreements with United States

Mr. Rivadeneira's top priority with regard to the United States is to finalize the renewal process of the trade preferences agreements which expired earlier this year and obtain the inclusion of key Ecuadorian export products such as artichokes, broccoli and roses in the Generalized System of Preferences (GSP) agreement, which gives trade preferences to developing countries including Ecuador, and eliminates requirements for American importers to pay duties on these goods.

Secondly, the Minister of Foreign Trade hopes to encourage the United States to re-start bilateral trade agreement negotiations. Strengthening Economic Initiatives with ChicagoAnother key goal for Mr. Rivadeneira is to continue to generate momentum for a number of economic initiatives that are already underway, involving the State of Illinois and the City of Chicago.

Among the meetings scheduled are a meeting with members of Governor Pat Quinn's Department of Economic Development and Trade as well as meetings with Mayor Rahm Emanuel's staff, leaders of the Chicago Department of Aviation, and the Chicagoland Chamber of Commerce. Topics on the agenda include the opening of the new Chicago Perishable Center early next year, which will enable Ecuador to fly fresh imported perishable goods directly to Chicago.

Additionally, Mr. Rivadeneira will be finalizing "sister city" agreements with the City of Chicago and Quito, which is the capital city of Ecuador, and a "sister airport" agreement between Chicago O'Hare and Mariscal Sucre International Airport near Quito.

"These are important new developments that will positively impact both cities," said Mr. Rivadeneira. "We are creating many cooperative relationships that include educational opportunity, import and export arrangements and business and financial investment. We are thrilled at the opportunities that are emerging and I'm looking forward to formalizing many of these agreements while I am in Chicago."

Mr. Rivadeneira also will address several members of the Chicago Council on Global Affairs as well as economic and foreign trade experts at a luncheon. He also hopes to meet with the top executives of Thoughtworks, a Chicago-based high-tech company, in addition to several Chicago based companies that do business with Ecuador in the construction, medical, transportation and infrastructure sectors of Ecuador. Thoughtworks recently launched operations in Quito, citing the highly skilled technical workforce as their reason for opening operations there.

Ecuador's vision for partnership with the United States

While in Chicago, the Minister of Foreign Trade wants to present his vision for significant expansion of trade between Ecuador and the United States and the opening of opportunities for American investment in Ecuador. "Our trade relationship with the United States is extremely important," said Mr. Rivadeneira. "We will be discussing important matters such as enabling increased exportation of Ecuadorian products to the United States. We also want to emphasize that Ecuador should be high on the list of attractive platforms for investment by American businesses. South America is the fastest-growing region in the world, according to the International Monetary Fund. The region is growing at almost three times the rate of the rest of the world."

Mr. Rivadeneira plans to make the case that there are many opportunities for American investment in Ecuador, and the country welcomes this investment. "We want the American business community to know we are an increasingly attractive business hub for American companies in other industries who want to expand into the South American marketplace," he said. "Ecuador has not been aggressive enough in telling this story in America, but now we are committed to getting the message out to the business community and the public."

Thirty-eight (38) percent of all Ecuadorian exports come to the United States. Of particular note are agricultural products such as artichokes, quinoa, bananas, broccoli and chocolate, floral products including the world's best roses, and a variety of fresh fish, including tuna. "Ecuador's agricultural products are of extremely high quality and are sold throughout the United States," said Mr. Rivadeneira.

The new Chicago Perishable Center will be an economic boost to Chicago and Ecuador

Ecuadorian imports will get a strong boost in early 2014 when a new state-of-the art Chicago Perishable Center at O'Hare Airport will be launched. The Center represents the first time in decades that airlines will be able to fly perishable goods directly to Chicago. Ecuador's Commercial Office in Chicago has played a pivotal role in helping the Chicago Perishable Center to get underway because many of Ecuador's products, such as roses, will be shipped directly to Chicago from Ecuador. The products will arrive in the Midwest in fresher condition, which means that they will have a longer shelf life and be much more accessible to other markets in the Midwest and Canada, where there will be a high demand.

About Ecuador's Economy

The Ecuadorian government has been making consistently positive moves to strengthen the middle class and ensure economic stability. Besides governmental investments in a number of key areas that benefit average Ecuadorians, Ecuador also is increasing educational opportunity for its citizens by forging educational partnerships with American colleges and universities. Extreme poverty has fallen from 40 percent in 2001 to 17 percent in 2011. Unemployment has been trending down from 7.6 percent in 2010 to 4.8 percent in 2012. Ecuador's currency is the U.S. Dollar. Between 2007 and 2012 the Ecuadorian economy grew at an annual average of 4.3 percent, which was above the Latin American/Caribbean average of 3.5 percent according to the UN Economic Commission for Latin America and the Caribbean.

About Mr. Francisco Rivadeneira, Ecuador's Minister of Foreign Trade

Mr. Rivadeneira earned a Master's degree in International Economics from the Institut des Hautes Etudes Internationales in Geneva, Switzerland and also a Master's Degree in International Negotiations from Simon Bolivar Andean University in Ecuador. He is a professor at several Ecuadorian universities. From 2010-2013, he served as Vice-Minister on Foreign Trade and Economic Integration for Ecuador. He also has extensive private sector experience with Citibank N.A. Quito-Ecuador and the Export and Investment Promotion Corporation (CORPEI). He is fluent in English and French as well as his native Spanish.

Thursday, May 30, 2013

NBC interviews Her Excellency, Nathalie Cely Ambassador of Ecuador to discuss Keep Trade Going / ATPDEA





Why Prices for Roses, Vegetables, and Fish Could Go Up

Ecuador's ambassador is in Chicago to promote trade with her country. If the U.S. lets the trade agreement expire, we could pay more for everyday items.

Saturday, May 11, 2013

Chicago-Based Innovative Floral Company is Transforming the Luxury Hospitality Floral Market

Venture-backed start-up Luxe Bloom, LLC™ saves luxury hospitality operators time and money with natural long-lasting rose arrangements made from the world's highest quality Ecuadorian roses and last up to 60 days.

Luxe Bloom 300 pixels with borderChicago based start-up, Luxe Bloom™ provides luxury hospitality operators in US hotels, fine dining restaurants and high end spas with exquisite natural, long-lasting rose arrangements on a monthly recurring basis. Luxe Bloom's luxury rose arrangements come direct to the customer's door in more than 20 colors and designs for a variety of hospitality settings. Bespoke colors and designs are also available.

With her background as a brand marketing executive for Fortune 50 companies, launching Luxe Bloom was a natural venture for Founder, Shelley Rosen . "The company was established to solve problems for luxury hospitality operators with a lens on innovation and creativity," said Rosen. "Our floral arrangements last several weeks and do not require water or refrigeration to keep their natural beauty, saving time and money while improving operating costs. Our clients consistently tell us our flower arrangements make it easy and more predictable to run all aspects of their business."

20130213_112116_resized 300 pixels with borderAngela Portella, Spa Director of Guerlain Spa at the Waldorf Astoria of New York commented, "Because the cost and longevity of their rose arrangements are more predictable than fresh floral, we have stabilized our floral costs with Luxe Bloom. The long lasting nature and ease of care has afforded our staff even more time to serve our important guests."

Pro Ecuador

The roses are grown under Flor Ecuador® regulatory governmental agency monitoring environmental standards of Ecuadorian floral firms. Rosen stated, "It's the proximity to the equator that enables Ecuador's farmers to produce the finest flowers in the world. That is why we are closely working with the Trade Office of Ecuador in Chicago to support Keep Trade Going efforts between the U.S. and Ecuador."

"The mission of Chicago's Trade Office of Ecuador, established in 2011, is to promote Ecuador's export offer and to attract investors. One of our star products is the unparalleled Ecuadorian rose. Luxe Bloom and her President, Shelley Rosen, are great collaborators with this Trade Office," said Mr. Borys Mejia, Trade Commissioner of Ecuador in Chicago.

20130403_085759_resized 300 pixels with borderGiven the natural aspect of the rose product and operation, a multi-tier supply chain is critical to Luxe Bloom. In addition to selling luxury flower arrangements, Luxe Bloom is the exclusive distributor of San Andres Farms long-lasting roses known as the Kiara Collection. Maria Clara Correa, CEO of San Andres Farms stated, "We are delighted to welcome Luxe Bloom into our clientele. Kiara Collection Preserved Roses and Luxe Bloom have been working together to create high-end products that meet the needs of luxury business operators. Together we are not only selling roses, but we are solving hospitality operators' problems with the long lasting nature of our rose innovation."

Investors believe in the Luxe Bloom concept and are showing their support with early stage capital. "We are pleased to have a Private Hedge Fund manager in New York and a Real Estate developer from Ann Arbor, Michigan who believe in our vision as investors," said Rosen.

20130418_151218_resized_4 300 pixels with borderChicago investor, William Conway, of Raputs, LLC. said, "As an angel investor, I look for innovation in an early stage start-up with a leader who can execute and sell the dream. We have found this in Luxe Bloom under the direction of Shelley Rosen."

"Luxe Bloom arrangements are in hotels, spas, country clubs and restaurants in Chicago, New York, Miami, Marina Delray and now Paris," said Rosen. "With the positive feedback we are getting from luxury operators, we know we are meeting an unmet need in the commercial floral market, and we are just getting started."

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Chicago-20120830-00623_resized 300 pixels with borderBased in Chicago, Illinois Luxe Bloom, LLC. founded in 2103 by former Fortune 50 executive, Shelley Rosen, offers natural, long-lasting rose arrangements to luxury business operators on a monthly recurring basis. Luxe Bloom roses are 100% ethically sourced from Ecuador. Due to the long-lasting innovative nature of Luxe Bloom rose arrangements, which require no water and no refrigeration, operators can save money monthly on luxury floral. Luxe Bloom was named a Finalist for the Best Innovative Products Editor's Choice Awards at the 2012 International Hotel, Motel and Restaurant Show. Luxe Bloom will be exhibiting at the National Restaurant Show in Chicago, May 19-21 in Booth #9271. Visit us at: www.luxebloom.com .

Wednesday, May 8, 2013

"Keep Trade Going" Campaign Highlights Ecuador's Importance as a U.S. Trading Partner and the Quality of its Products

Without U.S. government's renewal, expiration of trade agreement in July will make sought-after Ecuadorian products more expensive

Ecuador_2sheet 300 pixelsWhile most Americans may view Ecuador as simply the gateway to the Galapagos Islands, Ecuador's importance to the United States as a trading partner is really much more significant. This important message will be on display in May as the Ecuadorian Trade Office in Chicago launches a new communications campaign, "Keep Trade Going." The campaign will launch in Chicago and then expand to other cities in the United States over the coming months. The goal of the campaign is to enable the business community and general public to know the facts about trade with Ecuador and why many sought-after Ecuadorian products may become more difficult to find after July of this year. The campaign website, to be launched soon, is www.keeptradegoing.com.

ROSA 4 300 pixels with borderEcuador produces the greatest roses in the world, according to many flower aficionados. Approximately 30 percent of the roses purchased in the United States are imported from Ecuador. Ecuador exported $400 million worth of flowers, in market value, to the United States in 2012. Other high-quality Ecuadorian products that are exported to the United States include quinoa, broccoli, artichokes, tropical fruits, tuna, tilapia, coffee, chocolate, cacao and processed food. "All of our major exported products are excellent, but we're especially proud of our roses," said Borys Mejia, Trade Commissioner for Ecuador in Chicago. "Ecuador is blessed with the perfect climate and soil conditions for rose production. When people want the best, they choose Ecuadorian roses."

ROSA 3 300 pixels with borderIn 2012, the United States imported nearly 9.3 billion dollars' worth of Ecuadorian products, according to the United States Census Bureau. For more than a century, Ecuador has been a strong trading partner with the United States. Since 1991 trade relations have been under two key trade preferences agreements: the Andean Trade Promotion and Drug Eradication Act (APTA/ATPDEA) and/or the U.S. Generalized System of Preferences Program (GSP). These trade preferences agreements have allowed Ecuador to export products to the United States without paying an import tariff. This has helped keep the price of Ecuadorian products down while enabling Ecuador to be competitive with other exporting countries. But these agreements are due to expire on July 31, 2013 and without quick action from the U.S. government, when the agreements expire a highly increased tariff will be imposed, and the price of imported Ecuadorian products will go up.

The "Keep Trade Going" campaign is one method that Ecuador is using to encourage the U.S. Government to renew the ATPDEA and GSP so that Ecuadorian products will continue to be tariff-free. As an alternative, Ecuador would like to have more of its products classified under the GSP. "Trade relations between Ecuador and the United States are very positive. The United States is Ecuador's principal trading partner, and our business activities are important sources of jobs in both countries," said Mejia. "Renewing these trade preferences agreements and re-classifying some products under GSP would mean that trade between Ecuador and the U.S. could continue seamlessly while the two governments continue to develop new mutual cooperation agreements that could be broader and more far reaching. New trade preferences agreements with a broader extent in other cooperation areas would help Ecuador and the United States enjoy a more predictable and stable trade relationship while putting in place additional policies that benefit both countries."

The key mission of Ecuador's Chicago Trade Office is to reach out to the business community and the public. "It is important that we continually let businesses and the public know the value of our products to both the Ecuadorian and American economy," said Mejia.

CPC exterior photo 1 300 pixels with borderOne key outreach effort on the part of Ecuador's Chicago Trade Office, during the past year, has been to work very closely with the investor group that is establishing a new Chicago Perishable Center within O'Hare airport. It will be located in the former Lynx Cargo Building at Mannheim Road and I-90, in the northeast corner of the airfield. This new state of the art Center, which will officially open in the third quarter of 2013, represents the first time in decades that Chicago will be a destination to which exporters can directly ship their perishable products. U.S. cargo airlines are planning to soon begin flying directly between Ecuador and Chicago.

"The Chicago Perishable Center means that Midwestern distributors don't have to purchase their perishable wholesale products in Miami or Los Angeles, where the major perishable centers are, and then truck them to the Midwest," said Shlomo Danieli, one of the key principals involved with the creation of the Chicago Perishable Center. "Trucking the products from Miami to Chicago typically takes two or three days which, for perishable products such as fresh flowers and produce, can make a big difference in product freshness and shelf life. With a new Perishable Center in Chicago, the products will arrive in the Midwest in fresher and better condition." Danieli predicts that by the end of its first 30 months of operation, shipping to the Center will have reached a rate of nearly $90 million dollars of product per year.

As a major fresh rose exporter, Ecuador views the Chicago Perishable as crucial, since the marketplace within a 500-mile radius of Chicago represents approximately 80 million consumers, based on U.S. Census data. "We don't see the Chicago Perishable Center as taking away import business from Miami or Los Angeles," said Mejia. "Rather, we believe that it will expand the overall availability of imported products from Ecuador in the United States. It will increase our geographic reach to include the greater Midwest area which until now hasn't had access to our products when they are still really fresh."

In preparation for the opening of the Chicago Perishable Center, Ecuador's Chicago Trade Office has organized a series of business-to-business activities that will allow Midwestern importers to meet with H.E., Nathalie Cely, Ecuadorian Ambassador to the United States, and other Ecuadorian governmental representatives and businessmen. On May 15, the Trade Office will host a private preview and tour of the Chicago Perishable Center and, at a special reception and dinner later that evening, meet with business and political leaders to discuss its vision for a continued prosperous and mutually beneficial trade relationship between Ecuador and the United States.

"Keep Trade Going" to be featured on the "L"

CTA Train Car with blurred faces only 300 pixels with borderThe Chicago public will also delight in the "Keep Trade Going" campaign. Beginning May 6, fifteen train cars on the Brown Line "L" will be wrapped in beautiful images of Ecuadorian roses and food products. The interiors of these train cars will be decorated wall-to-wall with photography and key messages about Ecuador and its products, all under the banner of "Keep Trade Going."

"This is only the beginning," said Mejia. "Through our continuing efforts to reach out and tell the story of Ecuador, we want everyone in the United States to know that the phrase "Product of Ecuador" is not merely a sign of quality and good business, it is also a symbol of our continuing and productive relationship with the United States and the American people. That is something the people of Ecuador cherish."

Midwestern Rose Vendors Will Benefit

One of the Midwest-area vendors of Ecuadorian roses who will benefit from the Chicago Perishable Center is Shelley Rosen, President of Luxe Bloom, LLC., (www.luxebloom.com ) a Chicago-based start-up that offers natural long-lasting rose arrangements to luxury business operators on a monthly recurring basis. All of her company's rose products are imported from Ecuador. "Our strong relationship with the Trade Office of Ecuador allows us to keep our quality imports coming to meet our demand," she said. "We support the 'Keep Trade Going' efforts between the USA and Ecuador, as the quality and innovation is paramount to our operation."

About The Republic of Ecuador

The Republic of Ecuador is located on the Equator in the northwest of South America. It borders Colombia and Peru to the north, Peru to the east and south, and the Pacific Ocean to the west. Having a surface area of 283,561 square kilometers, the geography of its four regions is very diverse: Andes, Amazon, Pacific Coast and Galapagos. Ecuador is known as the gateway to the world renowned Galapagos Islands, but the mainland of Ecuador is also a beautiful and varied country with an interesting history and culture, making it an ideal travel destination.

Ecuador's population is approximately 15 million people. The largest cities are Guayaquil (2.6 million people) and Quito, the capital (1.7 million people), and Cuenca (277,000). Quito and Cuenca have been declared World Heritage Sites by UNESCO.

Ecuador is a representative democracy with five branches: executive, legislative, judicial, electoral, and transparency and social control. The President is Rafael Correa and the Vice President is Lenin Moreno. The Ecuadorian Ambassador to the United States is Nathalie Cely. Ecuador is divided into 24 provinces.

The government adopted the U.S. Dollar as its national currency in 2000. The economy is based primarily on oil and agricultural production, with an annual Gross National Product of $127.4 billion in 2012. The economy experienced 7.8 percent growth in 2012, with a 5-year compound annual growth of 4.2 percent, according to the 2013 Index of Economic Freedom.