South Korea and Ecuador have signed a bilateral strategic economic cooperation agreement, a type of free trade agreement.

The Ministry of Trade, Industry and Energy said Tuesday that Trade Minister Yeo Han-koo and his Ecuadorian counterpart, Luis Alberto Jaramillo, signed the agreement in the morning during talks in Seoul. 

The pact differs from a standard free trade agreement in that it contains broader economic cooperation elements covering areas such as the environment, labor, supply chains and health care.

South Korea and Ecuador began the negotiations in 2016 and concluded them in October 2023 after nine rounds of formal talks to resolve differences.

With the formal signing completed, the agreement will officially take effect after parliamentary ratification and other steps.