The governments of Ecuador and Turkey are expected to sign a new landmark trade agreement before the end of 2011, the Ecuadorian Foreign Ministry said Friday.

Based on the positive advance in bilateral talks between Ecuador and Turkey, both countries are confident that the details of the agreement will be negotiated without major complications, the ministry said in a statement.

The first round of official negotiations for a bilateral "Trade Development Agreement" started officially earlier this week in the Turkish capital of Ankara and concluded Friday.

"An important advance was made in a number of issues and agreements on technical assistance and the strengthening of capacities have already been closed," said the ministry.

Ecuador and Turkey first started discussions about the possible bilateral trade agreement in 2010 in order to establish a formal mechanism that can help promote exports and the opening of new markets for both countries.

The ministry said that during the first round of formal negotiations both countries also presented "wish lists" of areas and both agricultural and industrial products they seek to cover in the agreement.

"Ecuador reiterates its vision that the impulse of trade should serve as to create richness and growth and should ensure to incorporate traditional marginal sectors so that they also will benefit from the agreement," said the ministry.

The next round of talks has been scheduled for Aug. 1-5 in the Ecuadorian capital of Quito.

Ecuador is eager to reach a trade agreement with Turkey considering that it's home to a population of 72 million people and one of the 17 largest economies in the world.

The Ecuadorian government wants to open new markets and diversify the number of local products for exports in order to reduce the deficit in its trade balance.