President Lenin Moreno announced what he said is great news for Ecuadorian exporters. Tariff preferences with the United States remain until the end of 2020.
The House of Representatives of the United States approved the bill that renews the Generalized System of Preferences (GSP) for Ecuador for three years, until 2020. Now the US Senate rejects this decision, a renewal that can possibly be fulfilled in the next March.
Foreign Minister María Fernanda Espinosa also congratulated the negotiators of the Ministries of Foreign Affairs and Foreign Trade for the great work for the renewal of the Generalized System of Preferences.
The GSP allows Ecuadorian products and other 120 countries to enter that territory with lower tariffs. Although the GSP agreement ended at the end of 2017, the Minister of Foreign Trade, Pablo Campana, had explained that Ecuador was among the 122 countries that the US Congress should evaluate during the first weeks of 2018 and its ratification was expected, an action that It was announced tonight.
Some 800 Ecuadorian companies export to the United States. through the SGP, for around $ 400 million with a net profit of $ 19 million (El Universo).We will be glad to provide advice in the areas mentioned. If you require more information, do not hesitate to contact us. here