ࡱ> @ abjbjFF e,,X!T(4X4X4XXPY(,YZpxZxZxZS[\tU]<$&&&&&&R@&pS[S[pp&xZxZ;ssspNxZxZ$sp$ss@lxZY :%]4Xfq,|Q0@,?q?Xl((?l<]dshl]]]&&($LD":s"(L:World Trade OrganizationRESTRICTEDWT/TPR/S/148 11 May 2005 (05-1867)Trade Policy Review Body TRADE POLICY REVIEW ECUADOR Report by the Secretariat  This report, prepared for the first Trade Policy Review of Ecuador, has been drawn up by the ϲʹ Secretariat on its own responsibility. As required by the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), the Secretariat has sought clarification from Ecuador on its trade policies and practices. Any technical questions arising from this report may be addressed to MrKarsten Steinfatt (tel. 022 739 6759) or Mr Raymundo Valds (tel.022739 5346). Document WT/TPR/G/148 contains the policy statement submitted by Ecuador.  ADVANCE \y 700  Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on Ecuador. CONTENTS Page summary observations vii (1) Introduction vii (2) The economic environment vii (3) Trade and investment policy framework vii (4) Market access for goods viii (5) Other measures affecting trade ix (6) Sectoral policies x I. Economic environment 1 (1) Recent Economic Developments 1 (i) Structure and employment 1 (ii) Economic growth 3 (iii) Fiscal policy 5 (iv) Monetary and exchange rate policy 7 (v) Balance of payments and external debt 9 (2) Trade in goods and Investment Flows 11 (i) Composition of trade 11 (ii) Geographical distribution of trade 12 (iii) Foreign direct investment 12 (3) Outlook 13 II. TRAdE AND INVESTMENT REGIME 14 (1) Trade Policy Formulation and Implementation 14 (i) General legal and institutional framework 14 (ii) Trade policy formulation and objectives 16 (2) Foreign Investment Regime 17 (i) Right of establishment 18 (ii) Protection 19 (iii) Promotion and incentives 20 (3) International Trade Relations 20 (i) World Trade Organization 21 (ii) Preferential agreements 22 III. trade policies by measure 26 (1) Measures Affecting Imports 26 (i) Customs documentation and procedures 26 (ii) Customs valuation 28 (iii) Rules of origin 30 (iv) Tariffs 30 (v) Other charges 37 (vi) Prohibitions 40 Page (vii) Other restrictions and licensing 41 (viii) Anti-dumping and countervailing measures 43 (ix) Safeguard measures 45 (x) Standards and technical regulations 49 (xi) Sanitary measures 52 (2) Measures Affecting Exports 54 (i) Registration and documentation 54 (ii) Other charges and minimum prices 55 (iii) Prohibitions, licensing and other restrictions 55 (iv) Subsidies, charge and tax concessions and free zones 56 (v) Export promotion and marketing support 59 (vi) Financing, insurance and guarantees 59 (vii) Measures applied in third markets 59 (3) Other Measures Affecting Production and Trade 60 (i) Company registration 60 (ii) Competition policy 61 (iii) Price fixing, production controls and marketing agreements 62 (iv) State trading, State-owned companies and privatization 62 (v) Incentives 63 (vi) Government procurement 65 (vii) Intellectual property rights 69 IV. trade policies by sector 75 (1) Agriculture and Fisheries 75 (i) General features 75 (ii) Crop and livestock sector 76 (iii) Fisheries sector 81 (2) Mining, Excluding Hydrocarbons 81 (3) Hydrocarbons 83 (i) General features 83 (ii) Institutional and legal framework 84 (4) Manufacturing 86 (5) Electric Power 89 (6) Services 92 (i) General features 92 (ii) Telecommunications 93 (iii) Financial services 97 (iv) Maritime transport 103 (v) Air transport 106 V. APPENDIX TABLES 115 CHARTS Page III. trade policies by measure III.1 Frequency distribution of MFN tariff rates, 2005 34 III.2 Tariff escalation by ISIC 2-digit industry, 2005 35 III.3 Products subject to import licensing, December 2004 41 TABLES I. Economic environment I.1 Structure of GDP and employment, 1998-2004 1 I.2 Structure of gdp by expenditure, 1998-2004 2 I.3 Central Government finances, 1998-2004 5 I.4 Leading monetary indicators, 1998-2004 8 I.5 Balance of payments, 1998-2003 9 III. trade policies by measure III.1 Summary analysis of mfn tariff, January 2005 31 III.2 mfn tariff structure 33 III.3 Products for which the applied MFN tariff rates exceed the bound rates, 2005 36 III.4 Tariff concessions granted under special customs regimes, December 2004 36 III.5 ICE rates by product, December 2004 40 III.6 Safeguards investigations notified to the ϲʹ, December 2004 45 III.7 Programmes offering concessions on duties and other taxes, December 2004 56 III.8 Participation in agreements on intellectual property protection, December 2004 69 III.9 Overview of the protection of intellectual property rights, July 2004 70 IV. trade policies by sector IV.1 Value added in the agriculture and fisheries sectors, 1998-2004 75 IV.2 Products subject to tariff quotas 78 IV.3 Oil indicators, 1998-2003 83 IV.4 Value added in manufactures, 1998-2003 86 IV.5 Selected telecommunications indicators, 1997-2004 93 IV.6 Structure of the financial system, 1998 and 2004 97 APPENDIX TABLES Page I. Economic environment AI.1 Merchandise exports by product, 1991 and 1998-2003 117 AI.2 Merchandise imports by product, 1991 and 1998-2003 118 AI.3 Merchandise exports by trading partner, 1991 and 1998-2003 119 AI.4 Merchandise imports by trading partner, 1991 and 1998-2003 120 AI.5 Flows of foreign direct investment, 1993 and 1998-2003 121 II. TRAdE AND INVESTMENT REGIME AII.1 Existing agreements signed by Ecuador on the promotion and reciprocal protection of investments, January 2005 122 AII.2 Selected notifications to the ϲʹ, February 2005 123 AII.3 Status of ϲʹ dispute settlement proceedings involving Ecuador, 1996-2004 126 AII.4 Main proposals and submissions by Ecuador within the framework of the Doha Development Agenda, June 2004 128 AII.5 Main bodies of the Andean Integration System 130 AII.6 Complaints filed against Ecuador with the Court of Justice of the Andean Community 131 III. trade policies by measure AIII.1 Analysis of Ecuador's preferential tariffs, January 2005 133 AIII.2 Licensing regime, November 2004 135 AIII.3 Register and index of Ecuadorian animal health standards 138 AIII.4 Sub-regional register of sanitary and phytosanitary standards; Ecuador: phytosanitary 142 IV. trade policies by sector AIV.1 Summary of specific commitments under the gats 145 SUMMARY OBSERVATIONS Introduction Since the early 1990s, Ecuador has taken substantial steps to liberalize and improve the predictability and transparency of its trade and investment regime through autonomous, regional, and multilateral initiatives. Ecuador has bound all its tariff lines in the ϲʹ, and MFN rates have been progressively reduced to an average of 11.4per cent in 2004. Some non-tariff barriers persist, notably non-automatic import licensing, lengthy customs procedures, and the use of reference prices. Although foreign investment generally receives national treatment, constraints to private investment exist in some sectors, including hydrocarbons, electricity, and telecommunications. Addressing these and other trade and investment barriers would help sustain economic growth and enhance the ability of Ecuador's economy to respond to external shocks in the absence of an independent monetary policy. The economic environment Following a sharp decline in 1999, Ecuador's real GDP grew by an average of 4.1per cent between 2000 and 2004. Per capita income reached US$2,325 in 2004. This recent growth is largely attributable to a favourable external environment and prudent macroeconomic policies. However, the economy is vulnerable to natural phenomena and variations in the price of primary commodities, particularly that of petroleum. In the wake of the economic and financial crisis that affected Ecuador at the end of the 1990s, one of the most severe in its recent history, Ecuador adopted the U.S. dollar as legal tender in 2000. By doing so, financial costs were reduced and expectations stabilized, thereby helping to reactivate the economy. At the same time, inflation decreased significantly. On the other hand, dollarization meant that Ecuador was no longer able to exercise an independent monetary policy, thus forgoing the use of a policy instrument. Fiscal policy is the remaining macroeconomic instrument for influencing the level of domestic demand; however, its relative inflexibility limits its efficiency as a macroeconomic adjustment tool. Although there have been important fiscal reforms, following dollarization there appears to be an urgent need to complete the reforms that are still pending, including changes to the fiscal pre-allocation scheme and the elimination of subsidies and tax exemptions. International trade plays an important role in Ecuador's economy. Although there has been considerable diversification, exports of petroleum and of agricultural and fisheries products still dominate Ecuador's export basket. Ecuador's main trading partners are the United States, the member countries of the Andean Community, and the European Communities. Trade and investment policy framework Ecuador has been a Member of the ϲʹ since 1996, and participated in the negotiations on telecommunications and financial services following the Uruguay Round. It has not signed the Agreement on Information Technology, nor any of the plurilateral agreements. Ecuador has participated in various dispute settlement cases, and has submitted many notifications, although some are still pending. While Ecuador is seeking to formulate a common trade policy with the other members of the Andean Community, at the current stage of regional integration its trade policy is chiefly decided at the national level. The opening up of trade through multilateral and regional initiatives has been used by Ecuador as a catalyst for structural change. At the regional level, an agreement involving deep integration with the other countries of the Andean Community coexists alongside broad agreements for the liberalization of trade in goods (Chile and MERCOSUR) and agreements of a selective nature providing for limited trade liberalization (Cuba and Mexico). At the beginning of 2005, Ecuador was in the process of negotiating other preferential agreements, including one with the United States that could have an extensive impact on its trade and investment regime. The growing number of preferential agreements increases the complexity of Ecuador's trade regime, and as with other ϲʹ Members, generates some concern as to the impact on trade and investment flows. In general, Ecuador grants national treatment to foreign investors. The regulatory framework governing foreign investment also offers investors the possibility to sign contracts with the State that give them greater fiscal and legal certainty. Ecuador's participation in the Andean Community and its commitments under the ϲʹ have enhanced the predictability of its investment regime and more generally, its legal framework. Ecuador adopted a new constitution in 1998, replacing the Constitution adopted during the transition from a military regime to a civilian government in 1979. The ϲʹ Agreements take precedence over domestic laws, but not over Andean statutes. In the context of its historical performance as regards political and legal stability, Ecuador is making efforts to strengthen its institutional and legal framework. Moreover, Ecuador has made the fight against corruption one of its priorities. Market access for goods Ecuador's trade regime has undergone major reforms since the 1990s. MFN tariffs have been considerably reduced. The simple average MFN tariff stands at 11.4 per cent, but if charges applied exclusively to imports are included, the average would be about 11.9per cent. Average tariff protection for agricultural products (15.7 per cent) is substantially higher than for other products (10.8 per cent). Moreover, in the framework of the Andean price band system, Ecuador sets the tariff level for certain agricultural products according to their international prices. Ecuador has bound its entire tariff, mostly at 30 per cent. The improved predictability that this provides with respect to market access conditions in Ecuador is somewhat marred by the substantial difference between applied and bound rates. The MFN tariffs applied to a limited number of tariff lines appear to be higher than their respective bound rates. In connection with its participation in the Andean Community, Ecuador grants duty-free treatment to practically all imports originating in Bolivia, Colombia, Peru, and Venezuela. It also grants preferential treatment to imports from Chile, Cuba, Mexico, and the members of MERCOSUR. A small fee applies to all imports except those originating in the Andean Community. The fee, applied also to exports, is used to fund in part the official export promotion agency, which has played an important role in the diversification of Ecuador's exports. Internal taxes appear to be applied equally to imported and domestic products, except in the case of milk and canned tuna, which are exempt from VAT only if they are of domestic origin. Customs clearance times are relatively long, possibly reflecting the high proportion of physical inspections and the excessive number of entities and documents involved in customs formalities. A customs modernization plan is currently being implemented. Ecuador has operated a preshipment inspection programme since 1994. It has applied the Agreement on Customs Valuation since 2001, but still uses reference prices to determine the customs value of a number of products subject to the Andean price band system. Ecuador prohibits imports of certain used products. It also maintains an import licensing regime that applies to some 1,380 tariff lines, of which roughly half correspond to agricultural goods. Imports exceeding US$4,000, and all exports are subject to "approval" by the Central Bank. In the vast majority of cases, licensing and the "approval" appear to duplicate other import requirements. Care needs to be taken to ensure that licensing is not used as a non-tariff barrier to trade. Ecuador has never imposed countervailing measures, and its use of anti-dumping and safeguard measures has been limited. One of its anti-dumping duties and one safeguard measure were the subject of consultations at the ϲʹ. In connection with Ecuador's application of safeguard measures, the General Secretariat of the Andean Community reiterated that members of the Community were not exempt from Andean regulations in order to comply with their multilateral commitments. Ecuador once invoked the transitional safeguard mechanism provided for under the ϲʹ Agreement on Textiles and Clothing. In the area of technical standards and regulations, Ecuador has launched a process of rationalization involving the conversion of its 640 mandatory technical standards into voluntary standards, and the adoption of technical regulations following the principles laid down in the ϲʹ Agreement on Technical Barriers to Trade. It has adopted and notified to the ϲʹ four technical regulations. The law provides for recognition of equivalence between Ecuador's technical regulations and certain international standards "of repute". Ecuador has not submitted any notifications under the ϲʹ Agreement on the Application of Sanitary and Phytosanitary Measures. It does not have an inventory of sanitary and phytosanitary measures applied to imports from outside the Andean Community. Other measures affecting trade Exports of coffee beans, roasted or ground, are subject to a contribution to the producer's association equivalent to 2 per cent of their f.o.b. value. The State fixes minimum reference prices for bananas, cocoa, coffee, shrimps, and fisheries products. All exports are subject to the payment of a redeemable charge equivalent to 0.15 per cent of their f.o.b. value (0.05 per cent in the case of oil). Ecuador has a number of customs schemes through which it offers tax exemptions on imported goods with a view to promoting exports. However, in the case of the free zone regime, certain fiscal benefits are granted even if the production is destined for the Ecuadorian market. Ecuador is not a party to the ϲʹ Plurilateral Agreement on Government Procurement. Its current legislation enables it to limit tendering to domestic companies, and restricts the participation of foreign consulting firms, except when the necessary experience or capacity is not available locally. Efforts are being made to enhance transparency in government procurement. While Ecuador does not have a general legal framework for competition policy, it is currently completing a preliminary draft law on the subject. The State plays an important role in production activities through state enterprises and as a shareholder in companies operating in areas such as electricity, telecommunications, tourism, financial services, mining, agricultural products, and miscellaneous manufactures. The initial privatization policy was abandoned in favour of the granting of concessions to private operators. The ϲʹ TRIPS Council reviewed Ecuador's legislation on intellectual property rights in December 1998. The current regime for the protection of intellectual property rights is made up of domestic laws and regulations, and Andean Community and ϲʹ legislation. While Ecuador permits parallel imports of patented or trademarked goods, among others, the same does not apply to goods protected by copyright. Sectoral policies The contribution of the agriculture and fisheries sectors is important to Ecuador's economy, in terms of both exports and employment. Ecuador maintains tariff quotas for certain agricultural products considered sensitive; in some cases, the granting of such quotas is linked to absorption of domestic production. The petroleum sector generates an essential share of GDP, exports, and tax revenue. The State controls refining and plays an important role in crude oil extraction and sale of hydrocarbons on the domestic market. However, private enterprises have been participating increasingly in the production and transport of crude oil. Refining, storage, and marketing of hydrocarbons by private companies require the authorization of the President of the Republic. The economic crisis at the end of the 1990s had a considerable impact on the performance of the manufacturing sector, whose growth since then has been below that of the economy as a whole. Most industries benefit from tariff escalation, tariff concessions, and relatively high effective rates of protection, which may well have distorted the allocation of resources in the economy. Safeguard measures have been used for the temporary protection of certain industries, while an agreement concluded in the context of the Andean Community has provided considerable assistance to the Ecuadorian automotive sector. The State continues to dominate the electricity sector, but over the past decade the legal framework has been reformed with a view to boosting competition and promoting private sector participation. Electricity tariffs are still insufficient to cover total costs. This situation, coupled with high electrical energy losses, has given rise to the accumulation by distribution companies of significant debts with the other participants in the electricity market. As a result, investment in the sector has been limited, and infrastructure modernization and reduction in the high electricity costs has been delayed. Ecuador has assumed relatively broad specific commitments under the General Agreement on Trade in Services. It also signed the Fourth and Fifth Protocols (on telecommunications and financial services), but in the case of telecommunications it did not assume any commitments with respect to the Reference Paper. Liberalization of trade in services is one of the mainstays of the common market that the members of the Andean Community are seeking to establish in 2005. In the telecommunications sector, two state enterprises enjoyed regional monopolies in fixed telephony until 2001, and approximately 94 per cent of fixed telephony services users are still subscribed to those companies. Although attempts to privatize both enterprises never materialized, private sector investment in telecommunications has gradually increased, largely due to the significant improvements made to the legal environment since the mid 1990s. However, further reforms are needed, if only to clarify the responsibilities of the various government agencies involved in the sector. Cross-subsidies are still offered, but the law calls for their elimination. The financial sector benefited from significant reforms to the legal and institutional framework, above all the prudential framework. There are no limits on foreign participation in banks or insurance companies except with respect to the establishment of representative offices, which is not permitted in the case of insurance companies and is subject to the principle of reciprocity in the case of banks. The economic crisis of 1998-99 dealt a serious blow to the sector, causing a drastic reduction in the number of financial institutions. Dollarization has also led to important changes in the structure and operation of the financial system, and borrowing and lending rates have fallen together with the intermediation margins. There are four state development banks, all of which are in a fragile situation. Maritime transport plays a fundamental role in Ecuador's international trade. The State owns two shipping companies and the main commercial ports. However, there are also a number of private ports, and state-owned ports may delegate administration, maintenance, and development to private companies. Internal water transport is confined to ships operating under the Ecuadorian flag, with certain exceptions. The transport of hydrocarbons is confined to national shipping companies that are at least 51 per cent state-owned. The authorities are currently drafting new laws to modernize the sector's legal framework. Rights to exploit international air transport services may be granted to companies from any country, provided the government of that country is willing to offer similar rights to Ecuadorian airlines. The State may delegate the maintenance, development, and construction of airports to private firms, and grant permits for related activities. Air transport costs are high in comparison to other countries in the region. 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