Ecuador will eliminate safeguards on Colombian exports

Yesterday, Colombian media announced that the exchange safeguard that Ecuador set to Colombia, which is in force since January 5, would be removed this February 27th.

The information would have been released by the Ministry of Commerce of Colombia. “Ecuador pledged that after that date, in case of imposing new measures, they will not let Colombian exports to be in less favorable conditions than the rest of the world,” said El Mundo, quoting the Colombian Ministry.

According to “the Ministry of Commerce, this decision (…) means that about 70% of tariff lines and 50% of the value exported to Ecuador will be left with 0% tariff,” is said.

Furthermore, in the agreement, Colombia would have also committed to Ecuador to allow the purchase of 80 000 tonnes of white rice, said the newspaper El Telégrafo from Ecuador, which also confirmed the agreement on safeguards.

These arrangements would have been agreed on Tuesday night, February 3, 2015, by the Deputy Ministers of Foreign Trade of Colombia, Mariana Sarasti, and Ecuador, Genaro Baldeón.