The Ministry of Production of Ecuador indicated that the next step is the notification before the Latin American Integration Association (Aladi).
The Ministry of Production, Foreign Trade, Investments and Fisheries (Mpceip) reported that The bill approving the Trade Integration Agreement between Ecuador and Chile was unanimously approved in the Chilean Senate.
The State Portfolio explained that the next step will be the notification before the Latin American Integration Association (Aladi) after which the treaty will enter into force after 90 days.
???????????????????????? ???????????????????????????????? | The project approving the Trade Integration Agreement between Ecuador???????? and Chile???????? was unanimously approved. Next step notification before ALADI, after which it will come into force after 90 days. We continue to open up to the world!???????? https://t.co/pdUXC5f7wL
– Ministry of Production (@Produccion_Ecu) January 25, 2022
In Ecuador, the plenary session of the National Assembly gave the green light to the commercial instrument on May 4, 2021. At that time, the president of the legislative body, César Litardo (AP), maintained that the decision represented a step forward in opening new markets for the economic reactivation of the country.
Among the main lines of the agreement is the incorporation of new subjects, focused on the modernization of the bilateral relationship, as additional standards in trade facilitation, regulatory aspects, services, public purchases, telecommunications, electronic commerce, among others.
Ecuador and Chile finalize a new trade agreement
Likewise, to achieve a deeper level of integration, it contains matters with an inclusive approach such as gender, small and medium-sized enterprises, the environment, labor issues, and others.
Ecuador’s projection is that exports will grow by 5%, benefiting approximately 16,000 direct jobs in the agricultural and industrial sectors, and 710 companies that export to Chile for an amount of $1,614 million.
In addition, the Production Portfolio had outlined that, as a result of the full use of the quotas and preferences reached through the agreement, an increase of approximately $12.6 million in Ecuadorian exports to this market is estimated.
Among other points of the agreement with the Chilean nation are unilateral benefits in favor of Ecuador such as the exclusion of raw materials such as rice and corn. Likewise, access for all sugar subheadings, with an annual quota of 21,000 metric tons, matching the country’s conditions.
Until November 2021, Ecuador exported $381 million in non-oil products to Chile; while he bought $467 million. The main goods that are exported are bananas, metal manufactures, canned fish and shrimp.
Chile, on the other hand, sends the country non-durable consumer goods and raw materials, principally. (I)
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