Ecuador to reduce tariffs on Colombian products starting June 1

The Ecuadorian Presidency issued a press release announcing the reduction of tariffs on Colombian products to 75% starting June 1.

The decision was made despite differences between President Daniel Noboa and his Colombian counterpart, Gustavo Petro, and reflects the Ecuadorian government’s “openness to advancing bilateral cooperation mechanisms on security matters to promote greater coordination between both countries and strengthen development in the border region.”

Tensions between the two nations escalated due to differences over drug trafficking and spilled over into the trade sector last January when Noboa announced that a 30 % security tax on Colombian imports would take effect on February 1st.

Colombia responded with a similar measure, further increasing tensions. Noboa’s announcement has prompted renewed talks aimed at restoring calm between the two governments.

M.Pino

Source: bancaynegocios

(Reference image source: CHUTTERSNAP on Unsplash)

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