With 133 votes in favor, the National Assembly approved the trade agreement between Ecuador and the European Free Trade Association (EFTA).
The Legislative virtual session 664 began at 4:45 p.m. During the reading of the report, some of the objectives of the agreement were presented, as well as the benefits among which is access to a market of more than 12 million people.
EFTA is made up of Switzerland, Liechtenstein, Norway and Iceland, countries that are not part of the European Union (EU). The treaty will complement the preferential framework for access to the entire European market with a 0% tariff.
In return, Ecuador will deduct the tariff for EFTA products in periods ranging from 0 to 17 years. In addition, it indicates that there is a favorable treatment for the country, because it offers export opportunities for products from MSMEs and the Popular and Solidarity Economy.
On June 25, 2018, Ecuador signed the trade agreement with the EFTA block. According to the treaty, about a thousand consignments of Ecuadorian products will enjoy tariff preferences.
Among the main products are banana, gold, cocoa, roses, fish oils, shrimp, fruits and vegetables. It is estimated that the Agreement will be in force at the beginning of August of this year, due to the term established by this commercial instrument for its entry into force.
Foreign Trade Minister Iván Ontaneda wrote on his Twitter account:
If it rains like that, don’t let it escape! Ecuador opens up to the world to reactivate the productive sector and our economy. The Trade Agreement with EFTA will represent more exports and sources of employment; precisely what the country needs right now. ” (C.D.A.)
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