Application of Safeguards is defended by Correa again

President Rafael Correa again defended the application of safeguards to certain products due to current circumstances in international markets.

The president explained that given the appreciation of the dollar in international markets the country loses competitiveness. He cited the example of the Colombian peso, which have been devalued by up to 50% against the dollar.

Correa noted that the implementation of safeguards can not produce higher prices of domestic products, because these are not taxed.

He also denied that there is involvement of prices because the real impact of the implementation of the tariff surcharge is only 7% of the products of the national economy.

It also said there mechanisms to support exporters such as tax refunds to foreign trade ‘drawback’.