Yesterday, the decision to extend the benefits of tariff preferences to Ecuador for two years was published in the Official Journal of the European Union (EU). Today expires the General System of Plus Preferences for Ecuador, through which around 1000 products can enter the European market without paying tariffs.
Following the close of negotiations on the trade agreement with the EU, a decision was made to seek a mechanism in order to maintain these benefits into effect until the new agreement takes effect.
Roberto Betancourt, head of the national negotiating team, said yesterday to El Comercio newspaper: “the European Regulation concerning the preferential tariff treatment for products from Ecuador has been published in the Official Journal of the EU on this date. European regulations will take effect on December 31, 2014 and will apply from January 1, 2015 “. The Regulations provide that for this preferential tariff treatment to become effective, Ecuador “must refrain from introducing new duties or charges having an equivalent effect on imports from the EU, or new quantitative restrictions and or measures of equivalent effect, or to introduce any other restrictions from December 12, 2014.”