The trade agreement signed between Ecuador and Costa Rica in March 2023, will enter into force on October 1, the Minister of Production, Sonsoles García, reported today.
Garcia told the press this Friday that with this agreement 84 percent of Ecuadorian products will enter Costa Rica duty-free, while 92 percent of Costa Ricans will arrive in Ecuador with zero tariffs.
According to the Ecuadorian Executive, the agreement will generate a growth of 10 percent of current exports, which would increase revenue by three million dollars.
They also stressed that it will improve the competitiveness of canned and preserved fish, metal manufactures, wooden boards, medicines, shrimp, white line, porcelain and sanitary ceramics, leather, among others.
On March 1, 2023, the President of Costa Rica, Rodrigo Chaves, and the then president of Ecuador, Guillermo Lasso, signed the treaty that both countries considered a milestone for the bilateral relationship.
The instrument also has a favourable opinion of the Ecuadorian Constitutional Court, which in August 2023 requested to renegotiate some points and was remedied in November of the previous year.
This article has been translated after first appearing in El Pais