(VOVworld) -  Ecuadorian President Rafael Correa on Tuesday said that he has ratified Ecuador's trade agreement with the European Union after 9 years of negotiation.

Ecuadorian President Rafael Correa on Tuesday said that he has ratified Ecuador's trade agreement with the European Union (Source: Reuters/VNA)

The agreement is scheduled to take effect in January, 2017.  The trade agreement will allow Ecuador's exports, except bananas, to enter the EU without paying tariffs. The agreement also includes intellectual property, services, and trade defense measures and refers to the Ecuador’s participation in the EU-Colombia-Peru trade agreement. 

One day earlier, Ecuador’s Parliament overwhelmingly approved the agreement. The EU parliament approved the deal last week.