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The Government of Ecuador is likely to enter into an agreement with the National Institute of Research for Jute and Allied Fibre Technology (NIRJAT) for technology transfer regarding the production of bags from banana fibre, Mr Carlos Abad, Ambassador of Ecuador, said.
The Ambassador, while speaking at an interactive session organised by the Bharat Chamber of Commerce here on Monday, said, “Work on a technology transfer agreement is currently on at the preliminary stages. We expect things to materialise by the end of this calendar year.”
The Ambassador said he expects the new technology to phase out plastic and paper bags in his country.
Pointing out that there was a need to increase the bilateral trade between the two nations, Mr Abad said, “Last year, exports from the Latin American nation to India accounted for $87 billion while export from India to Ecuador accounted for $67 billion.”
He was hopeful that trade figures would double by 2012 while he expected an increase in Indian investments in the oil and food sectors of his country.
The Ambassador also requested for customs duty to be lowered while a free trade agreement (FTA) also be signed between the two nations.
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