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European Union Ecuador Agreement

Posted by Josh On September - 19 - 2021

The Parties recognize that economic development, social development and environmental protection are interdependent. In Chapter 11, they reaffirm their commitment to multilateral environmental and labour agreements and principles and commit to maintaining the level of protection, while recognizing the right of each party to establish its own level of environmental and labour protection. Arbitration procedures shall not apply to this Chapter. After a preliminary phase, the agreement signed by the European Union (EU) and Ecuador entered into force in November 2016 (link in Spanish). This formalisation was announced in the Official Journal of the EU. Negotiations on Ecuador`s accession to the trade agreement with Colombia and Peru were concluded in July 2014. The Protocol of Accession to Ecuador was signed in November 2016 and has been provisionally applied since 1 January 2017. The EU, Colombia and Peru concluded trade negotiations in 2011. The EU-Colombia-Peru trade agreement was signed in June 2012. The agreement has been provisionally applied with Peru since March 2013 and with Colombia since August 2013.

On June 4, 2013, the trade agreement was sent to the Colombian president. On 26th July 2013 the European Commission announced that the EU-Colombia trade agreement will enter into force on 1st August. Ecuador`s accession to the agreement will provide the parties with new market access opportunities for some of their main exports. These include cars, alcoholic beverages and machinery on the EU side, as well as fishing, bananas, cut flowers and cocoa on the Ecuadorian side. Commissioner Malmström today signed the Protocol of Accession of Ecuador to the Agreement. The deal comes on the eve of a delay that would have caused Ecuador to lose some of its traditional trade preferences with the EU and follows a flood of talks this year. Four of the six EU roundtables with Ecuador took place this year. In the absence of a bilateral agreement, Ecuador would be transferred early next year to a regime that the EU applies to developing countries with which it does not have tailor-made agreements, the Generalised System of Preferences. The European Union and Ecuador reached an agreement today (17 July) on the liberalisation of their trade in goods and services, the European Commission said. The Commissioner signed the Accession Protocol with the Slovak Presidency of the EU, represented by Peter Žiga, Minister of Economy, Jorge Glas, Vice-President of Ecuador, Colombian Ambassador Rodrigo Rivera and Peruvian Ambassador Cristina Ronquillo De Blödorn. The agreement now needs to be approved by the European Parliament before it can be implemented provisionally. Today`s agreement will align the EU`s relations with Ecuador with its relations with Peru and Colombia.

It includes goods – fishing, flowers, coffee and other agricultural products are particularly important for Ecuador – but it also opens up some services and public procurement markets for EU companies. The Commission expects European exporters of cars and beverages to benefit in particular. Ecuador is the third member of the Andean Community, a regional trading bloc to sign a bilateral agreement with the EU. Peru and Colombia concluded the talks in 2010 and signed them in 2013. The fourth member, Bolivia, refused to negotiate a deal with the EU. The agreement removes high tariffs and combats technical barriers to trade. It also liberalises services markets, protects EU geographical indicators and opens up procurement markets. It includes obligations for the enforcement of labour and environmental standards, as well as procedures for the prompt and effective resolution of disputes. This asymmetrical agreement is adapted to Ecuador`s development needs. Tariff reductions are only being implemented gradually through a 17-year-old, with the EU liberalising almost 95% of tariffs upon entry into force and Ecuador around 60%. According to the Commission`s estimates, the impact on Ecuador`s GDP would be significant.

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