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Industrial export opportunities to the European Union
Posted On 11 Apr 2016
Imagen: El Universo
Ecuadorian sales of industrial goods to the European market account for only 3.3% of total non-oil exports. In 2014, the last year with complete available statistics, industrial exports to that market fell by $ 98.6 million, 2.8% less than the previous year.
However, Ecuadorian industrial export opportunities will increase when the trade agreement is refined.
With the agreement, Europe will immediately liberalize 28.4% of export shipments of industrial products. A 71.6% of total export items were already exempted thanks to the benefits of the “Most Favored Nation” clause of the WTO.
As a result, virtually all industrial items that are shipped to the European market will not pay tariffs.
Only tariffs to 5 items that will have a gradual liberalization process remain: aluminum alloys and nonindustrialized aluminium, whose tariffs shall be removed in 5 years and raw antimony (in 3 years).
