Shrimp for export. (Photo: Expalsa)
ECUADORWednesday, January 07, 2015, 00:40 (GMT + 9)
The regulation extending tariff preferences granted to Ecuador to trade with the European Union (EU) until 2016, came into force on 30 December 2014.
This instrument, which will benefit the shrimp and tuna industry among others, had been approved by the European Parliament (EP) in early December 2014.
The new legislation extends for two years the Generalised System of Preferences Plus for Ecuador, through which about 1,000 products -- 90 per cent of the national exportable offer -- could enter the EU market duty free.
Thanks to entry into force of the regulation, since 1 January 2015, customs duties imposed on the Accession Protocol signature date will not increase nor new customs duties will be applied on goods from Ecuador, La Hora reported.
The head of the negotiating team of Ecuador, Roberto Betancourt, informed newspaperEl Comercio that after the publication in the Official Journal of the EU, the European regulation concerning the preferential tariff treatment for products from Ecuador, shall apply from of 1 January 2015.
The regulation provides that for preferential tariff treatment to become effective, Ecuador "should refrain from introducing new duties or charges or measures having equivalent effect or new quantitative restrictions and measures having equivalent effect on imports from the EU, or increasing current levels of duties or charges, or from introducing any other restrictions as of 12 December 2014".
According to data from the European Commission (EC), European imports of products from Ecuador in 2013 reached USD 3.5 billion, whereas Ecuadorian exports totalled USD 3.1 billion.
Among the major Ecuadorian fishery products that entered the EU market are tuna (USD 698 million) and shrimp (USD 625 million).