Cell phones, LED lamps, computer accessories, digital cameras, hard drives, bicycles, cash registers and electric motorcycles are among the products that will enter with a 0 percent tariff under the trade agreement that Ecuador is signing with China.
The Ministry of Production, Foreign Trade, Investments and Fisheries states that there are 4,677 sub-headings of imported products that will have immediate relief.
The trade agreement foresees a gradual reduction of tariffs on Chinese cars until 2038, imported furniture will not be reduced
For industry, it is detailed that seeds, fertilizers, agrochemicals, tractors, medical supplies, vaccines, medicines, hydraulic pumps, mechanical shovels, electrical transformers, industrial printers and sewing machines will provide this benefit.
Ecuador and China plan to sign a trade agreement on the night of this Wednesday, May 10. The subscription will be virtual.
828 subheadings that are considered very sensitive are excluded from this agreement.
Outside the agreement are:
Industry
Textile
automotive
metal processing
gradual reduction
Products considered medium sensitive will have tax relief for between 15 and 20 years. In this group there are 1,089 product subheadings such as:
1666 subtitles are grouped in low sensitivity products. Here the relief will be between 5 and 10 years and covers items such as:
Benefits for Ecuadorian export products
99% of the current value of Ecuador’s exports to China will arrive duty-free at various times after the trade agreement is implemented. Here are traditional and non-traditional products.
instant relief
Tax credits for 5 years
Tax credits for 10 years
Source: Eluniverso
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