Ecuador and Turkey on Tuesday began the first round of negotiations for a trade development agreement.

The negotiations started in the Turkish capital of Ankara, and talks were held between delegations of both countries, Ecuador's Foreign Ministry said in a statement.

Ecuador intended to reach an agreement with favorable conditions for both sides as early as this year, Ecuador's chief negotiator Mentor Villagomez said.

"We encourage the agreement in order to boost bilateral exchange, for which there is great potential," Villagomez said in a statement.

Ecuador and Turkey first broached the subject in 2010 and decided to start formal negotiations that could in the medium term lead to a trade agreement between both countries.

Ecuador wanted to open new markets and diversify exports to reduce its trade deficit.

Ecuador's Central Bank recently reported that the country's trade deficit in 2010 was 1.46 billion U.S. dollars, which accounted for 12 to 13 percent of Ecuador's gross domestic product.