Ecuador informed to the CAN the application of safeguards

The Government of Ecuador announced yesterday to its partners of the Andean Community (CAN) the application of customs safeguards applied to one third of its imports in order to placate the serious effect on its balance of payments due to the falling price of oil and the dollar appreciation.

The Foreign Ministry said in a statement that the information was provided at a meeting of the Andean Council of Foreign Ministers held at the headquarters of the General Secretariat of the Andean Community in Lima, requested by Ecuador.

The meeting, according to the text, was also attended by Ministers of Foreign Trade of the four member countries of the Community: Bolivia, Colombia, Ecuador and Peru.

Ecuador explained to the foreign ministers the ‘basis, importance and necessity” of Ecuador to establish such safeguards “due to a BOP issue,” said Ecuadorian Foreign Minister Ricardo Patiño.