Resolution 116 of Comex helps to lower the trade deficit in 2013

Richard Espinosa, Coordinating Minister of Production, Employment and Competitiveness, said yesterday that one of the effects of the Resolution Nº 116, will be the reduction of more than $800 million in purchases abroad.

According to Espinosa, this low price will cover 75.48% of the deficit in the trade balance from January to October of 2013, correcting the indicator that shows that since 2009  imports are higher than exports .

During the First International Summit of Sustainable Strategies for the Change of the Productive Matrix, held at the Convention Center in Guayaquil, Espinosa noted that import substitution is a fundamental part for the process of change in the production matrix of Ecuador.’

He stressed that the country must never allow the import of products such as coconut milk, ketchup, mayonnaise, mustard for burgers, ice cream, apples, grapes, peaches and even water.

“(…) That can not happen.We have to correct our trade balance and that is a commitment that we must have.”

In reference to the Resolution 116 of the Comex, he explained that it was implemented to speed up certain processes.