Ecuador: Tariffs Imposed on imports from Colombia, Peru

Reuters reported…. Ecuador imposed tariffs on imports from Colombia and Peru in a bid to shield its economy from cheap goods entering as a result of depreciating currencies in those two nations, while its biggest export is being hit by the slumping price of oil. The Andean nation, the smallest member of OPEC, will temporarily levy a 21 percent duty on imports from Colombia and a 7 percent charge on purchases from Peru, its trade ministry said in a statement on Tuesday. “The measure comes as a result of the devaluation of the Colombian peso and the Peruvian sol, which impact conditions of competition in trade relations,” the ministry said. Read Article

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