ANNOUNCEMENT 23 Nov 2018
The Ecuadorian Government has adopted a new trade policy eliminating import duties on products not locally produced with the intention to boost local production.
NUMBER OF INTERVENTIONS
Foreign Trade Committee of Ecuador. Comité de Comercio Exterior. Resolución No. 022-2018 de 23 de noviembre de 2018. Available at: https://www.comercioexterior.gob.ec/wp-content/uploads/2018/12/resolucio%CC%81n-022-2018.pdf
Official Gazette of Ecuador. Registro Oficial de Ecuador. No. 379 – Suplemento Viernes 30 de noviembre de 2018. Anexo I. Available at: http://www.pudeleco.com/files/Anexo%20I%20Comex%20Res.pdf
On 23 November 2018, the Ecuadorian Foreign Trade Committee (COMEX) has issued Resolution No. 022-2018 approving a new trade policy to promote the productive development of the local industry. To this end, the new legislation exempt beneficiaries from import duties of goods and commodities that are not-locally produced and are required in the beneficiary's manufacturing process.
In order to enjoy the incentive, potential beneficiaries must fulfil the following requisites:
The new legislation revokes all previous legislation that contravenes the new incentive and has entered into force on 30 November 2018.