Benefits of the new Multiparty Trade Agreement between Ecuador and the European Union

After nine years of continuous negotiations with the European Union, Ecuador has finally signed the new trade agreement on November 11th, which will represent beneficially for the country in the following aspects:

  • Ecuador can enter with its products to a market of 500 million inhabitants of the 28 countries of the EU.
  • The agreement will eliminate tariffs on all industrial and fishery products
  • Market access for agricultural products will increase.
  • It will create a stable and reliable environment for Ecuadorian and European traders and investors.
  • Almost 100 products considered sensitive will not be able to enter the country, such as rice, maize, sugar, liquid milk, cereals, to prevent major production chains.

By 2020, it is expected to obtain more than 1400 million dollars for exports, which will help the country, being an impetus for its development.

 

Written by: Jan Carlos Alarcón

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