Trade

Key Facts

—The stage. Ecuador has ratified its trade pact with South Korea; only Seoul’s own approval, expected this year, remains before it takes effect.

—The scope. Once live, about 99 percent of Ecuador’s exportable goods enter Korea tariff-free, immediately or over set phase-outs.

—The winners. Shrimp loses its 20 percent Korean tariff at once; bananas shed a 30 percent duty over five years.