They launch the Coalition of American Companies to promote the IDEA Law, which will facilitate the entry of products from Ecuador to the United States without tariffs.
Meeting of Ecuadorian authorities and businessmen with congressmen in Washington (United States) to promote the IDEA Law, on September 25 and 26, 2023.
Representatives of Ecuador’s private sector visited Washington on September 25 and 26 to promote the approval in the United States of the Ecuador Innovation and Development Act (IDEA).
The proposed law proposes including Ecuador as a beneficiary country of the tariff preferences derived from the Economic Recovery Law of the Caribbean Basin.
This would allow the elimination of US tariffs for 99% of Ecuadorian export products that today face tariff barriers in that market.
In fact, there are Ecuadorian exports that have a tariff of up to 35% to enter the US market, such as canned tuna, broccoli, flowers, fruits and vegetables.
Meeting with congressmen
The Ecuadorian business mission was made up of delegates from the Ecuadorian Business Committee (CEE), the Ecuadorian American Chamber of Commerce (AmCham) and the Ecuadorian Federation of Exporters (Fedexpor).
The unions met with members of the Senate and House of Representatives of the US Congress.
As part of the agenda, the Coalition of American Businesses was launched, an initiative that joins the efforts of the Ecuadorian business sector to promote the approval of IDEA in the United States Congress.
The Coalition is made up of multinationals in sectors such as: food , financial services, pharmaceuticals and logistics.
If the IDEA Law is approved, it will deepen “bilateral trade and investment ties between the two nations,” Fedexpor reported in a press release issued on September 27, 2023.
Fedexpor vice president, Xavier Rosero, mentioned that the agenda of meetings held in the American Congress made it possible to position the commercial importance of the law for Ecuador’s export sector and for the more than 300,000 families that depend on commercial relations with the American market.
