New trade agreement means 99.6% of Ecuadorian exports will enter Canada tariff-free

According to Ecuador’s Trade Ministry, the trade agreement signed Friday with Canada means that 99.6% of Ecuadorian exports will enter Canada duty free. The agreement covers trade ​in goods and services, ​investment, e-commerce, labor, environmental issues, Indigenous peoples and dispute resolution. Under the new Ecuador-Canada free trade agreement, the tariff on roses and cut flowers drops from 10.5% to 0%. More ​than 600 Ecuadorian agricultural and aquacultural products ​will gain tariff-free access, including bananas, ‌cacao, ⁠shrimp, canned fish, cut flowers, tropical fruits and vegetables. Other products that will ship to Canada without tariffs are textiles and apparel, ceramics and furniture. Currently those products pay tariffs of between 6% and 18%. Under terms of the agreement, Canadian products that will enter Ecuador duty free include wheat, pharmaceuticals, fertilizers, laptop computers, routers and modems, cell phones, drones, exercise equipment, and cargo trucks. A small number of Canadian products were excluded from the agreement “for the protection of artisanal industries” in Ecuador, the trade ministry said. Ecuador Deputy Trade Minister Roger Crespo said the agreement with Canada is an “important milestone” in connecting Ecuadorian products with new international markets. “In the last five years we have signed seven bilateral trade agreements, including the multilateral agreement with the EU,” he said. “The pact with Canada opens doors to the lucrative North America market.” The post New trade agreement means 99.6% of Ecuadorian exports will enter Canada tariff-free appeared first on CuencaHighLife.