Ecuador and the United Kingdom initiate agreement after consummating the ‘Brexit’

The United Kingdom is officially outside the bloc of the European Union (EU), for the first time since 1957 when the European Economic Community (EEC) was created, in Rome (Italy), and after several attempts to abandon it.

In this way the Brexi, which a majority of the British people voted for on June 23, 2016.

At the same time, two other agreements enter into force, that of the EU with the United Kingdom and the latter with Ecuador, both defined to maintain trade relations and commitments as they were established before the Brexi.

Javier Latorre, Deputy Vice Minister of Foreign Trade, recalled that this trade agreement, between the United Kingdom and Ecuador, was negotiated since May 2018, after the respective internal procedure in Ecuador, within the different competent instances, it was approved by the plenary session of the National Assembly on July 10, 2020

The agreement was also signed by Peru and Colombia; and was based on the one signed with the European Union in 2013, it retains the tariff preferences to these South American countries to enter the UK market before leaving the EU.

“There will be no impact on commercial exchange, since all products are covered with the same benefit that it had when the United Kingdom was part of the EU,” said the official, who added that on July 27, by Decree Executive No. 1110, President Lenín Moreno ratified the agreement and was notified to the United Kingdom on August 20.

According to figures from the Ecuadorian Federation of Exporters (Fedexpor), Ecuador currently exports products such as bananas, canned tuna, shrimp, textile products and flowers to the United Kingdom, being in 2019 the seventh destination country for non-oil exports within the European Union.

Between January and October of this year, non-oil shipments have increased by 37%, mainly due to the higher demand for canned tuna in this destination. ”No new changes are contemplated, but rather a continuity in the bilateral relationship of both countries, so that the commercial exchange will continue to enjoy tariff benefits as if it were taking place with the European Union ”, confirmed Felipe Ribadeneira, president of Fedexpor.

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