The issue was already approved this year by the Senate of that country.
The Ministry of Foreign Affairs and Human Mobility reported that the Embassy of Ecuador in the United States (USA) works with the House of Representatives to authorize the renewal of the Generalized System of Tariff Preferences (GSP).
The United States Senate approved the renewal of the System until 2027, on June 8 of this year.
“In the bill presented, it has been indicated that its application would be retroactive, in order to ensure that there is no prejudice for the beneficiary countries. The bill has the backing of the two legislative benches (Democrats and Republicans), a fact that would facilitate its processing, ”the Foreign Ministry said in a statement.
The intention to sign a trade agreement between Ecuador and the United States is rekindled
The Generalized System of Preferences (GSP) grants zero or reduced tariffs to beneficiary countries for certain products and significant tariff reductions.
The aspiration of the government from Ecuador is to sign a trade agreement with U.S. From the government of Lenin Moreno steps are being taken to achieve this objective and progress has been made to the first phase.
However, this possibility has not materialized under the new administration of the president of that country, Joe Biden.
Foreign Minister Mauricio Montalvo: ‘The negotiation of trade agreements is not in the priority of the US Government at this time’
Now, the Government of Guillermo Lasso maintains a policy of signing trade agreements with the ten main economic powers of the world, among which are China and, at the regional level, enter the block of the Pacific alliance with the signing of a commercial agreement with Mexico, offered until the end of this year. (I)
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