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The Ecuadorian industry expects non-tariff inputs from the European Union
Posted On 27 Dec 2016
The best conditions for access to products from the European Union (EU), which will govern once the multiparty trade agreement enters into force, generate interest in local manufacturers. With the publication, on Saturday, December 24, of the accord in the Official Gazette of the block, this will be effective as of January 1. The treaty includes zero-tariff entry of inputs and capital goods, which are part of a tariff reduction list of more than 7,000 tariff items, including agricultural and industrial tariffs.
Currently, according to the Ministry of Foreign Trade, 92% of the products imported by Ecuador from the bloc are already duty-free. The remaining 8% is the one that will benefit from the total or partial tariff reduction. Among these, there are four large items that include medicines, vehicles, inputs and capital goods. When looking at the disaggregated list of articles, there are industrial ovens, construction profiles, different types of fibers, chemicals, paints, agricultural fertilizers, medical machinery, vaccines, among others. One of the industries that will benefit will be the textile industry. Although imports are mainly made from countries in Latin America, inputs such as chemicals, dyes, etc., primarily for finishing, are brought from Europe, said Javier Díaz, president of the Association of Textile Industries of Ecuador.
Source: http://www.elcomercio.
