The European Parliament Approved the Extension of Tariff Preferences for Ecuador for Two Years
At 7 am on December 17th , 2014, it was approved by the European Parliament the extension of tariff preferences to Ecuador for two years. From Strasbourg it was informed that the current tariff preferences to Ecuador can be extended without interruption from January 1st 2015, since the participation of Ecuador in the General Preference System (GSP) will conclude later this year.
On December 31 the General System of Preferences Plus (GSP Plus), which allows the entry of national export products with zero tariffs to the European market will expire. Because of this, executives applied for an extension and it was finally approved, therefore 98% of exports to Europe may continue entering without paying tariffs.
Through this agreement, Ecuador is added to the free trade agreement already enforced in other Latin American Countries. All of this has been done taking into consideration the Ecuadorian economy, according to the Minister of Foreign Trade, Francisco Rivadeneira.