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Brazil lifts tariffs on 3,200 Ecuadorian products

October 3rd, 2009

Ecuadorian Flag

Brazil has eliminated tariffs on 3,200 products imported from Ecuador, a measure which does not force Ecuador to take any reciprocal action, an Ecuadorian official said Friday.

“The measure benefits Ecuador because it promotes a fairer and more dynamic trade relationship,” said Julio Oleas, Ecuador’s Deputy Trade Minister. “This unilateral lifting of tariffs does not oblige the nation to take similar measures,” he added.

Brazil lifted tariffs on fish, crustaceans, mollusks and all aquatic invertebrates, fruits including all melons, animal and vegetable fat or oil, animal or vegetable waxes, meat, and all land vehicles including tractors and their parts and accessories.

“This is a significant step in intensifying bilateral relations, putting them on a sustainable footing for the long term and boosting the regional integration process,” Oleas said.

Ecuador has a large trade deficit with Brazil, importing 894.3 million dollars worth of goods in 2008, while exporting only 45.2 million dollars worth of goods.

Also, in the first seven months of 2009, Ecuador sold only 18.5million dollars worth of goods to Brazil. By contrast, Ecuador bought goods worth 358.9 million dollars from Brazil.

Source: Xinhua

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