This impact assessment sets out the potential effects of Ecuador’s protocol of accession to the existing EU-Andean Free Trade Agreement (FTA).
The EU-Andean FTA was concluded in March 2010 between the EU and Colombia and Peru and has been provisionally applied since March 2013 (with Peru) and since August 2013 (with Colombia). In May 2013, Ecuador joined talks to enter the agreement, with talks concluding in July 2014. Ecuador’s accession agreement was signed on 11 November 2016 and has been provisionally applied since 1 January 2017.
This agreement will promote bilateral trade and economic growth between the EU and Ecuador, in addition to the wider Andean region. It will:
- eliminate tariffs for all industrial and fisheries products
- increase market access for agricultural products
- improve access to public procurement and services
- further reduce technical barriers to trade
The UK government is proceeding to ratify the agreement in line with the government’s policy that the UK should continue to ratify third country agreements with the EU before the UK exits the EU. As an EU member state, the UK remains committed to supporting the EU’s ambitious trade agenda.