adopted the restrictive measures on the basis of a deficit in its Balance of Payments. These restrictive measures were also targeting the Textile and Clothing Sector and included ad valorem tariffs, specific duties and quotas. These measures were notified to the WTO and the internal procedure on Balance of Payments Restrictions was initiated.
The WTO Committee on Balance of Payments Restrictions met with Ecuador for consultations and the conclusions were to allow Ecuador to maintain the Balance of Payment restrictive measures under certain conditions and for a limited period of time:
– Ecuador has engaged to replace, no later than 1 September 2009, most of the quantitative restrictions by
price-based measures- we recall that the quota restrictions were also affecting Textile products; such
– Ecuador is obliged to change the level and scope of the restrictive measures as the Balance of
Payments situation gets better.
– All the restrictive measures currently in place, on the basis of Balance of Payments deficit, shall be
eliminated by no later than 22 January 2010.
We recall the measures impacted on Textile and Clothing Products representing more than 18% of our T& C Exports to Ecuador in 2008.