Ecuador and the United States concluded the fourth meeting of the Trade and Investment Council (TIC, for its English acronym) held in Guayaquil.
During the TIC, the delegation of the Office of the United States Trade Representative (USTR) and representatives of the Ministry of Production discussed in so-called technical tables on the issues agriculture, employment and environmental.
The progress of the Trade and Investment Board Agreement Protocol was also analyzed (Phase One Agreement)which is effective from August 2021.
In the coming months countries can progress in a Protocol for the second phase of that agreementsaid the Minister of Production, Julio Jose Prado.
That’s why The Ecuadorean delegation will travel to the United States In the middle of 2022.
During the TIC, the US delegation announced that “the renewal of the General System of Preferences (SGP) will be implemented very soon,” announced Danielle Legarda, Deputy Minister of Foreign Trade.
He explained that the effect of the renewal will be retroactive, meaning that the payment of fees will be returned to the companies.
The GSP expired on December 31, 2020. If the GSP is not renewed, Ecuador will lose the preferential treatment for exporting 279 products to the United States, for which it will have to pay customs duties.
Minister Tweet embed for delegation Tweet embedLed by Ambassador Jaime White, the importance of this space for deepening and strengthening trade relations with the United States, Ecuador’s main trading partner. pic.twitter.com/dHjmRzIPt9
– Ministry of Production (Produccion_Ecu) February 16, 2022
TIC is not part of a treaty, nor does it replace it, but most countries that have a trade agreement with the United States have gone through this space for dialogue.
The role of micro, small and medium enterprises
During the meeting, entrepreneurs, leaders of indigenous groups and women’s organizations spoke with the US delegation about their involvement in international trade.
82% of companies associated with non-oil exports to the United States comply with Micro, small and medium enterprises.