The U.S. has released its new Annex II, which adds more products to the list exempt from a 15% surcharge, including Ecuadorian exports such as bananas and cocoa.
The United States recently updated its Annex II, incorporating additional products that will be exempt from a 15% surcharge starting November 2024. This was announced by Ecuador's Minister of Production, Foreign Trade, and Investments, Luis Alberto Jaramillo, who shared the news via social media. The new Annex, published by the White House on February 20, reflects a significant increase from the previous version, which listed 119 products, now expanded to 215 subcategories. This update is expected to positively impact Ecuadorian exports, as these products make up approximately 33% of the country's exports to the U.S.
Minister Jaramillo highlighted that the expansion includes a variety of Ecuadorian products, which are essential to the nation's export strategy. Previously, the list featured key items like bananas, cocoa, and fruits, all of which hold substantial economic importance for Ecuador. The inclusion of more products under the exemption aims to bolster trade relations between Ecuador and the United States, enhancing opportunities for local producers to access the U.S. market without the additional financial burden of the surcharge.
Furthermore, Jaramillo mentioned that the government is still awaiting the publication of Annex III, indicating an ongoing assessment of trade policies and export potentials. As these developments unfold, Ecuador continues to monitor the effects of these changes on its economy, aiming to leverage favorable trade agreements to increase the volume and variety of exports. The proactive approach taken by Ecuadorian officials indicates a commitment to strengthening ties with major trading partners and enhancing the competitiveness of its local industries.
