Agreement with the EU will not be affected with application of safeguards

The application of safeguard measures by balance of payments will not affect the process of signing and approval of the Ecuador´s trade agreement with the European Union (EU). This was stated by the Minister of Industries, Ramiro Gonzalez.

President Rafael Correa announced a month ago he will apply, in late February, a general measure to face the impact on the economy by the falling of oil prices and the appreciation of the dollar. This measure, Gonzalez said, is of a general nature and has no exceptions, this means that the additional fee will apply for all countries, including the European Union, with which Ecuador closed the negotiation of a trade agreement last July.

In addition, the new measure is not contrary to Resolution 42 of the Committee of Foreign Trade (Comex), effective since December 29, 2014.