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Agreement between Ecuador and EU to be ratified before year end

On Monday, the Constitutional Court of Ecuador ruled that the Andean country and the European Union could ratify their trade agreement before the end of 2016, as this does not violate the rights established in the Ecuadorian Constitution. According to the Minister of Foreign Trade, Juan Carlos Cassinelli, the European Parliament would also ratify the accession of Ecuador to the Agreement in the coming days.

The European Parliament scheduled the ratification of the agreement with Ecuador for December 13 and 14. The Parliament must ratify the agreement which will then be published in the Official Gazette. "The subject will be discussed in the Parliament at Strasbourg (France) on December 13, and voted on Wednesday the 14," stated Cassinelli.

Ecuador and the European Union signed the multiparty trade agreement, which already includes Colombia and Ecuador, on November 11. The Agreement provides access to EU trade with exports amounting to USD 1.5 billion in the agricultural sector and USD 1.2 billion for the industry and the fisheries sector.

The agreement will benefit bananas, which will have a preferential tariff, and roses, fresh fruits (melon, papaya, passion fruit, dragon fruit, cape gooseberry, guava, mango, pineapple and frozen fruit), coffee, cocoa, tuna, shrimp, textiles, wood, and plastic articles.

Source: Tribu Magazine

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