Andean trade bloc orders Colombia, Ecuador to lift trade curbs
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FILE PHOTO: Vehicles pass through a customs checkpoint as local merchants report a decline in trade, after Ecuador's government said it was raising tariffs on imports from its larger neighbor Colombia to 100% from a prior level of 50%, citing Colombia's a
By Alexandra Valencia and Nelson Bocanegra
QUITO/BOGOTA, May 8 (Reuters) - The Andean Community trade bloc ordered Colombia and Ecuador to lift all measures restricting trade between the two countries, after each raised tariffs on the other.
The Community ruled on Thursday on requests from both nations after Ecuador raised tariffs on imports from Colombia to 100%, prompting Colombia to retaliate with phased tariff hikes of up to 75% on some goods.
The multilateral body gave the two countries 10 business days to withdraw the measures in place.
"I have no problem in removing the tariffs on products from Ecuador in the same way and chronology as they were imposed," Colombian President Gustavo Petro said in a post on X.
Ecuador's foreign ministry said it was analyzing the resolution.
Ecuadorean President Daniel Noboa imposed tariffs on Colombian imports early this year, including electricity and medicines, eventually raising them to 100% as of May 1, arguing that his larger neighbor was not doing enough to combat drug trafficking along their 590-km (360-mile) shared border and citing a trade deficit.
Petro rejected the accusations. His government responded by suspending electricity exports and last week formalizing differentiated tariffs of 35%, 50% and 75% on around 190 Ecuadorean products.
(Reporting by Alexandra Valencia and Nelson Bocanegra; Editing by Susan Fenton, Chizu Nomiyama and Daina Beth Solomon)
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