Trade Facilitation at Heart of Ecuador Phase One Trade Agreement
The U.S. and Ecuador signed a phase one trade agreement that goes beyond the World Trade Organization's Trade Facilitation Agreement with requirements for online publication of customs information and customs brokers requirements; duties and fees; electronic submission of customs declaration and phytosanitary certificates; a single window for import and export; and advanced rulings that cover classification, valuation, origin, and application of quotas. Ecuador also agreed to no penalties on minor errors, unless they're part of a consistent pattern, and a procedure to correct errors without penalties.
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The U.S.-Ecuador Trade and Investment Council Agreement updates also cover good regulatory practices, anti-corruption, and small and medium enterprises. The representatives of each nation expressed hope there would be further advances on reducing barriers to trade in “priority sectors.”
After the Dec. 8 signing in Quito, Ecuador, by U.S. Trade Representative Robert Lighthizer and Ecuador's foreign trade minister, Iván Ontaneda, the U.S. Chamber of Commerce welcomed the news. Senior Vice President for the Americas Neil Herrington said the “agreement is an important first step, but significant work remains to be done by both countries towards the long-term goal of a comprehensive, high-standard trade deal, which should cover a broad range of important trade disciplines, including strengthening investor and intellectual property protections, fostering digital trade, and combating non-tariff barriers to trade.”