Quito –The prices of cars are in reverse. In the last quinquemestre they fell 3%, compared with the same period last year. This is a product of at least three factors.
These are the signing of the Agreement with the European Union (EU) that generated a quota elimination and the gradual reduction of tariffs for European vehicles; The reduction of the value-added tax (VAT) from 14% to 12%, and the elimination of safeguards affecting several elements of the case. This is mentioned by the president of the Association of Automotive Companies of Ecuador (Aeade), Genaro Baldeón.
The union representative said that this new context generates expectations for the Automundo fair that will begin this Thursday in the capital, Cemexpo (I).