Ecuador passes law to compensate exporters by loss of U.S. trade preferences

WSJ.com reported that Ecuador’s National Assembly approved a law late Tuesday to compensate exporters affected by the expiration of the U.S.-Andean Trade Preferences and Drug Eradication Act, or Atpdea. The law was approved with 103 votes in favor and only one against. It will compensate exporters with about $23 million a year. The law allows for the giving of tax-credit certificates to companies affected by the removal of the preferences. The certificates can be used to pay taxes or some debts with state-owned banks. Read Article
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