Shrimp, cocoa beans and powder, roasted and unroasted coffee and hats are some of the products that will enter South Korea with zero tariffs after the Strategic Economic Cooperation Agreement (SECA) comes into effect. acronym in English), which was signed on the night of Tuesday, October 10, in Seoul.

The benefits will be extended to other products that will gradually decrease: a group between three and seven years and another between 10 and 15 years, according to the Ministry of Production, Foreign Trade, Investment and Fisheries, which predicts a 27% growth in non-oil exports to the Asian country. .

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Likewise, the government portfolio shows that SECA will provide Ecuador with preferential access to capital goods, inputs and raw materials needed by the manufacturing sector, in turn protecting Ecuador’s vulnerable sectors.

In order for the trade agreement to enter into force, an official signature will have to take place, and from there the process will continue at other instances of the Ecuadorian state, that is, it will go to the Constitutional Court (CC), where it will ensure that the terms do not violate the constitutional norm.

Then, with a favorable report from the Constitutional Court, the commercial instrument will go to the National Assembly, where a debate will be held and
vote for subsequent entry in the Official Register.

The trade agreement establishes a schedule of tariff reductions for Ecuadorian products and details a simplified list whose deadlines will apply upon entry into force of the trade instrument.

Products with instant access:

Tax credits from 3 to 7 years:

Tax credits between 10 and 15 years:

There are 594 exclusions to protect sensitive sectors

Regarding benefits in terms of imports, according to the state portfolio, 79% of what Ecuador brings from South Korea corresponds to capital goods, inputs and raw materials for production, while 21% corresponds to consumer goods.

The Ministry points out that they have taken precautionary measures within the framework of the agreement in order to protect sensitive sectors by excluding them. A total of 594 tariff lines divided into the following sectors were excluded: clothing (54%), agriculture (27%), metal processing (11%), white goods (5%), wood (2%) and footwear (1%).

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According to the information, these are: textiles and clothing, white goods, metal processing, wooden panels, school and ready-made footwear, sugar, rice, corn, animal proteins, their derivatives and balances, dairy products, palm oil, potatoes, etc. other.