Country Watch
Initially, Ecuador joined the talks for the EU – Co- lombia and Peru trade agreement, but subse- quently withdrew. Meanwhile, the EU maintained its trade relations with Ecuador and consequently reached a level of €4.9 billion in 2013. Notwith- standing this fact, Ecuador re-engaged in the four-round negotiations, concluding into an “am- bitious and comprehensive agreement” that will develop a “solid and predictable framework for […] traders and investors, and will also contrib- ute to regional integration in one of the fastest- growing markets for European firms in Latin America,” as affirmed by the EU Trade Commis- sioner’s statement. The rapid negotiations may have been triggered by the unpredictability of the GSP+ status of Ecuador, leading to an agreement that would bring legal certainty to the Ecuadorian exporters.
This trade agreement will essentially facilitate main exports related to fish, cocoa, bananas, fruits, nuts and cut flowers for Ecuador. For the EU, the key exports would be cars and bever- ages.
151 702 ILSA LAW AD (built in .125” bleeds all four sides 8” (w) x 5” (h)
European Commissioner for Development at the European Commission Andris Piebalgs will an- nounce support of Ecuador in the form of new funding for 2014-2017, recalling the “strong and productive partnership”. The bilateral €67 mil- lion aid comes to consolidate local development and sustainable trade with the view of inclusive growth and reducing poverty. The text of the trade agreement is subject to final approval in the European Parliament and Ecuador’s National As- sembly, on which its entry into force depends.
* Submitted by Iuliana-Raluca Luca . UNIVERSITY OF CALIFORNIA, DAVIS GRADUATE DEGREES
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lawinfo@ucde.ucdavis.edu ILSA Quarterly » volume 23 » issue 1 » October 2014
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