Trade Commissioner Cecilia Malmström sigmed the Protocol of Accession of Ecuador to the EU's Trade Agreement with Colombia and Peru.
The agreement will eliminate tariffs for all industrial and fisheries products,increase market access for agricultural products, improve access to public procurement and services, and further reduce technical barriers to trade. Once fully implemented, the savings for EU exporters will be at least € 106 million in tariffs annually, and Ecuadorian exports will save up to € 248 million in removed duties. The tariff-cuts will be implemented only gradually over 17 years, with the EU liberalising almost 95% of tariff lines upon entry into force, and Ecuador about 60%. The EU agriculture sector should benefit from increased market access for its products, as well as from the protection of about 100 EU geographical indications on the Ecuadorian market. Gains can also be expected for the EU in specific sectors, including new market access for cars and machinery.
26th October 2020
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