She finished the period at the head of the Ecuadorian-American Chamber of Commerce of Guayaquil (Amcham), as president, and last July she was unanimously re-elected for a second term until 2025. Nery Merejildo Ortiz assures that her work is aimed at continuing to consolidate efforts in favor of bilateral trade relations between the United States and Ecuador. It analyzes how the trade exchange between these two nations behaves and the expectations of the possible entry of Ecuadorian products with zero tariffs if Ecuador becomes part of the IDEA Law initiative.

What is the current state of American investment in Ecuador and vice versa?

Ecuador’s trade with the United States has continued to expand in recent years. It was during our first period in front of the board of directors that it was a pleasure to confirm that between 2021 and 2022 we grew from 5.118 million dollars to 7.366 million dollars, i.e. a growth of 44%. Even, according to official data, until April 2023, the relationship is favorable, showing positive balances in the non-oil trade balance of 415 million dollars.

This effect was not recorded in the investment component, which did not grow at the same rate as trade, on the contrary, it was in a downward trend. In 2021, we closed FDI (foreign direct investment) from the US with a balance of approximately USD 65 million, and in 2022, this fell by 63%. We must be clear that FDI is very sensitive to factors such as political uncertainty, lack of a stable and transparent regulatory framework, citizen security and other factors that make up the investment climate in the country.

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How is the private sector, from Amcham and other unions, supporting the start of the free trade agreement process with the US?

Together with public authorities and the respective diplomatic missions, we are working to reactivate the US-Ecuadorian Trade and Investment Council (TIC), an example from which various regulatory obstacles limiting more stable trade negotiations have been overcome in order to achieve a long-term forward trade agreement in the future.

In order to maintain the competitiveness of our trade on the US market, we did not give up on efforts related to the renewal of GSP, better use of existing trade mechanisms, then support for the registration of various instruments such as the Agreement on the First Phase and several initiatives promoted by the Senate and Congress of that country, such as the bill introduced by Senators Menéndez and Risch regarding the Ecuadorian Innovation and Development Bill (commonly known as the IDEA law).

How close is Ecuador to the IDEA law and what would be the benefits for the country?

The IDEA bill promotes including us under the Caribbean Basin Initiative (CBI) system of preferences, therefore, being an eligible country, 56% of Ecuadorian exports could benefit from a 0% tariff. , which added to other instruments such as the case of appropriate use of the GSP and the Most Favored Nation (MFN) clause, would practically cover 90% of Ecuador’s export supply to the US. Adequate use of these instruments Undoubtedly, they would be mitigation mechanisms in the absence of a trade treaty or agreement.

Does the fact that Ecuador was able to enter the IDEA guarantee that a far-reaching agreement with the US will go into effect in the future?

not a requirement sine qua non (without which not)… in the scenario that the US Congress passes the IDEA law, it would become an alternative instrument until a far-reaching trade agreement is reached.

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What are the expectations of the future government regarding the relations it will maintain with the USA?

It is crucial to focus efforts on balanced trade negotiations, which respect asymmetries, and especially sensitive sectors of our economy. We want that, regardless of the results of the election process, the future government understands the strategic importance of the appropriate use of technical instruments that favor local development, expanding job creation, attracting investments, energizing the production system and especially helping to overcome social gaps. .

When was Amcham founded?

Amcham Guayaquil was founded in 1980, and since 1982 we have been an active member of the Association of American Chambers of Commerce of Latin America and the Caribbean (Aaccla), of which I am currently the vice president of the Board of Directors; This network gathers 20,000 companies and represents 82% of American investments in the hemisphere.

How many companies are unionized in Ecuador and the US?

We currently have 323 members as associate members of Amcham Guayaquil, of which 286 are active members, 30 additional executives and 7 honorary members, all entitled to a wide portfolio of specialized services. Approximately 53% of the partner universe is represented by large companies, and the remaining 47% are small and medium-sized companies, which bring together more than twelve productive sectors of the Ecuadorian economy.

What are your expectations for this new period at the head of Amcham Guayaquil?

They are focused on consolidating every action that supports the strengthening of bilateral trade relations. We will deepen our management and expand the portfolio of innovative services to achieve a greater presence of Ecuadorian products in the United States. We will maintain active institutional representation, opening new spaces for commercial promotion and international relations, we will promote bilateral dialogue and the use of initiatives that promote trade and socio-economic development, not neglecting public-private articulation to facilitate foreign trade operations.