An agreement with South Korea frightens the automotive sector

The automotive industry looks with suspicion at the possible trade agreement between Ecuador and South Korea. According to their representatives, this treaty would allow the third foreign supplier of vehicles gain market and affect domestic producers.

David Molina, executive director of the Ecuadorian Chamber of Automotive Industry (Cinae), will hold a meeting next week with officials from the Ministry of Foreign Trade to explain the problem and find a solution. He will propose that the bilateral agreement does not eliminate tariffs on cars.

Molina recognizes that the industry is divided on the issue. Assemblers and manufacturers of pieces and parts do not support that point of a trade agreement. Marketers, on their part, look favorably that more units are imported.