Ecuador announced Friday that the United States has removed a 15% tariff on 105 products,a move expected to bolster Ecuadorian exports and strengthen bilateral trade relations. The decision, confirmed by Ecuador’s Ministry of Production, Foreign Trade, Investment and Fisheries, follows ongoing negotiations between the two countries.
The tariff elimination, effective immediately, impacts a diverse range of Ecuadorian goods including processed foods, textiles, and aluminum products. This progress is particularly significant for Ecuadorian businesses that previously faced reduced competitiveness in the U.S. market due to the imposed duties. Analysts predict the change will stimulate economic growth in Ecuador, perhaps creating new jobs and increasing revenue for local producers.According to a statement released by Ecuador’s Ministry, the U.S.government’s decision is a result of “positive trade dialogues” and a commitment to fostering mutually beneficial economic partnerships. The 105 products represent a substantial portion of Ecuador’s export portfolio to the United States, with the tariff removal expected to increase sales and market share.
The United States initially imposed the 15% tariff in 2018 as part of a broader set of trade measures. Ecuador has since engaged in diplomatic efforts to address the issue, emphasizing the negative impact on its economy and the potential for increased trade cooperation. The removal of the tariff marks a significant win for Ecuador and signals a warming of trade relations between the two nations.
