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BREAKING NEWS
Cristian Espinosa was appointed Ambassador of Ecuador to the United States
Daniel Noboa receives the credentials of the new United States ambassador
40,000 women will receive scholarships in higher education
Julian Assange released from prison, after agreement with the United States
Armed Forces: Criminal gangs have lost USD 1.2 billion due to military operations in Ecuador
Minister of Defense: “It is not fair that some risk their lives, while others play with justice”
How can green banana flour enhance baked goods?
“I’m crazy for wanting to serve my country,” says Daniel Noboa at the presentation of “La Cárcel del Encuentro” in Santa Elena
Construction of the Encuentro maximum-security prison in Santa Elena begins
National blackout in Ecuador due to transmission line failure, confirms the Government

The non-signing of the trade agreement with EU worries Rafael Correa

Posted On 16 Jun 2014

correa-denuncia-contradicciones-acuerdo-comercial_1_1074376After having concluded the Third Round of Negotiations between Ecuador and the European Union (EU) and not having reached a trade agreement, the country could present difficulties.

“If the agreement is not signed in December, we lose SGP preferences, and millions will be lost. We neither agree to lose a lot (in negotiations). We take the risk with the certainty that in December we lose the tariff preferences with Europe and our neighbors have already done it (signing the TLC). But we won’t to sign it at any cost. It was thought  to close this negotiation but there are still sensitive issues to be addressed,” said Ecuadorian President Rafael Correa.

According to government’s calculations, if the tariff preferences are lost and the trade agreement with the EU is not signed, the compensation cost to the country’s exporters would be $ 1,239 million in 2015-2020.

Without agreement,  bananas would enter at a tariff of 114 euros, while with the agreement the tariif is 75 euros per ton. Shrimp, with 12% versus 0% with tariff agreement. Coffee with 136 euros without agreement and 0% with agreement.

The Economic Commission for Latin America and the Caribbean (ECLAC) said that if the agreement is signed the country would have an higher consumption, investment, imports and exports. Because the Gross Domestic Product (GDP) would increase un q 0.10% and exports by 0.11% annually.

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