Latin America & the Caribbean
Opportunities for UK companies
Ecuador
Ecuador and the UK signed a Trade Continuity Agreement that came into effect on 1 January 2021. Many UK companies are already doing business in Ecuador, including BUPA, Unilever, AngloAmerican, GSK, Diageo, G4S, and AON Risk Services.
Market Details:
Ecuador is a middle-income country[1]. The country had a$93 billion GPD in 2020[2].
In the four quarters to the end of Q3 2020, top UK exports to Ecuador were medicinal and pharmaceutical products, beverages, cars, other chemicals and general industrial machinery[3]. The recently ratified Trade Continuity Agreement sets out a timetable to introduce preferential tariffs for various goods. There is a 0% tariff for agricultural machinery and supplies, some industrial machinery like gas turbines, mineral products, and spirits. Medicines, medical supplies, vehicles, textiles and garment, ceramics, among others, will benefit from a tariff reduction every year and will have tariff-free access by 2022, 2024, and 2027, depending on the specificities of the product.
UK companies exporting to Ecuador will find:
- Dollarised economy
- Preferential tariff rates
- Strong demand for imported goods
- English is accepted as a business language
- Interest in improving environmental standards across sectors
Opportunities in Ecuador for UK companies:
- Pharmaceuticals
- Agribusiness
- Renewable Energy
- Mining
Supply Chain innovation
