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Ecuador and the UK Agree a Mechanism to Protect Trade After Brexit

23.8.2019

The eventual exit of the United Kingdom from the European Union, currently scheduled for October 31st, 2019, in a potentially abrupt manner has put the country under pressure to avoid a possible collapse and shortage of products.

While the United Kingdom signed a trade agreement in May this year with Ecuador, Peru and Colombia to anticipate Brexit, the agreement has still not come into effect. The agreement will allow the exchange of 95% of the products between both countries without tariffs in the same way as the commercial agreement that the countries signed with the European Union, which has been in force since 2017.

In the Ecuadorian case, the agreement still has to be ratified. The reason for this is that it must still go through the Constitutional Court and the National Assembly, which will not be sitting until September 2nd of this year, said Joana Crellin, the UK commissioner of Commerce for Latin America, who visited Ecuador recently.

Crellin explained that the ministries of Commerce of both countries agreed on a “bridge” a mechanism so that the exchange of products will not be affected. That is, banana shipments, among other products, continue to enter the United Kingdom without tariffs until the commercial agreement enters into force.

The Commissioner of Commerce of the United Kingdom for Latin America visited Ecuador to meet with the authorities of the Ecuadorian Government to discuss the possibilities of increasing trade flow.

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