LatinNews Daily - 21 February 2024

*Ecuador’s national assembly has unanimously voted to ratify a free trade agreement (FTA) with Costa Rica. According to a statement released on the national assembly website, the FTA is expected to boost Ecuador’s exports to Costa Rica by 10%. Under the terms of the FTA, some 97% of Ecuadorean exports will see a reduction in tariffs, with tariffs to be eliminated on 84% of export products as soon as the FTA comes into force. The FTA contains provisions to protect certain Ecuadorean sectors, including textiles, metalworking, and white goods. Addressing legislators before the vote, José Luis Barzallo, the vice president of the Ecuadorean chamber of innovation and technology (Citec), highlighted that the FTA eliminates tariffs for digital services, enabling small Ecuadorean businesses to expand their markets abroad.