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Ecuador To Lift 'Safeguard' Tariffs On Chilean Exports

by Mike Godfrey, Tax-News.com, Washington

22 October 2015


Trade officials from Chile and Ecuador met recently to discuss the "safeguard" tariff imposed by Ecuador on Chilean products.

In March this year Ecuador began imposing tariffs ranging from five percent to 45 percent on a number of imported products to offset the impact on its markets of a strengthening US dollar – which is used in Ecuador – and low oil prices.

The head of Chile's General Directorate for International Economic Affairs (DIRECON), Andrés Rebolledo, said following the meeting that a plan to remove the tariffs will be implemented in the coming months.

According to DIRECON, around 646 Chilean exports are affected by the tariffs, accounting for 60.2 percent of Chile's total exports to Ecuador. The tariffs led to a 28 percent decline in Chile's exports to Ecuador between April and August 2015, DIRECON said.

Chile and Ecuador also agreed to meet in the first quarter of next year to discuss deepening economic and trade ties.

TAGS: tax | Chile | accounting | tariffs | Ecuador | import duty | trade

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