Monday, December 11, 2023

Ecuadorian companies are promoting the IDEA law in favor of Ecuador in Washington

They launched the Coalition of American Companies to promote the IDEA Law, which would facilitate the entry of products from Ecuador to the United States without tariffs.

The representatives of private sector from Ecuador visited Washington on September 25 and 26 to promote the APPROVAL in the United States of law of Innovation and Development in Ecuador (IDeAS for its acronym in English).

The proposed law suggests including Ecuador as the beneficiary country of tariff preferences from the Caribbean Basin Economic Recovery Law.

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That is acceptable eliminate US tariffs for him 99% of Ecuadorian export products which now faces tariff barriers in that market.

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In fact, there are Ecuadorian exports with a tariff up to 35% to enter the US market, such as canned tuna, broccoli flowers, fruits and vegetables.

Meeting with congressmen

the Ecuadorian business mission It is made up of delegates from the Ecuadorian Business Committee (CEE), the Ecuadorian American Chamber of Commerce (AmCham) and the Ecuadorian Federation of Exporters (Fedexport).

Unions meet with members of the senate and the House of Representatives US Congress.

As part of the agenda, the American Business Coalition an initiative that joins the efforts of the Ecuadorian business sector to promote the approval of IDEA by the United States Congress.

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The Coalition is made up of multinationals in sectors such as: foods financial services, pharmaceuticals and logistics.

If the IDEA Law is approved, will deepen the “trade ties and bilateral investment between the two countries,” Fedexpor reported in a press release issued on September 27, 2023.

The vice president of Fedexpor, Xavier Rosero, mentioned that the agenda of the meetings held by the American Congress was approved place the commercial importance of the law for the export sector of Ecuador and for more than 300,000 families which depends on business relationships with US market.

Nation World News Desk
Nation World News Desk
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