In a bid to strengthen bilateral trade, a European trade delegation recently engaged in discussions with El Salvador’s Minister of Economy, María Luisa Hayem. The talks centered on boosting bilateral commerce, trade facilitation, investment promotion, sustainable production, and regional integration.
Minister Hayem convened with representatives from the European Union’s Department of International Trade (EU Trade) during their visit to address matters aimed at deepening bilateral trade ties.
Key topics discussed with the European delegation included the promotion of bilateral trade, trade facilitation, investment facilitation and promotion, sustainable production, and regional integration, as highlighted by the minister.
Additionally, Minister Hayem briefed the EU representatives on the Salvadoran government’s initiatives through an interinstitutional working group. These efforts aim to assist local entrepreneurs in meeting the requirements of the European Regulation on Deforestation-Free Products. She also shared progress made by national exporters in implementing environmentally and socially sustainable practices.
“We continue working to create more opportunities for our sectors under the Central America-European Union Association Agreement, thereby fostering more trade, investment, and employment,” Minister Hayem conveyed through the social media platform ‘X.’
El Salvador and the European Union mark a decade since the initiation of their association agreement. According to data from the Ministry of Economy (Minec), exports of national products to the EU surged by 67% from 2019 to 2022.
The minister highlighted an increase in the number of companies trading with the European continent. By 2022, 250 exporters dealing in various products and services were registered.
“We recognize the significance and potential of the agreement to enhance our exportable offerings and diversify our niches,” the minister stated regarding the trade relationship and the introduction of Salvadoran products to the European market.
On a different note, Silvia Cuéllar, President of the Salvadoran Exporters Corporation (Coexport), emphasized the expanding commercial opportunities with the European Union. She affirmed that the European market is currently seeking new products, including nostalgic items, handicrafts, snacks, and hammocks.
El Salvador, alongside the rest of Central America, entered into the trade agreement with the European Union in 2012. Since then, trade between the two regions has doubled, witnessing a 35% increase in 2022 alone.