Ecuador hikes tariffs on Colombian imports to 50 percent starting March 1

"The Ecuadorian government has declared that it will significantly raise tariffs on imports from Colombia, increasing the rate from 30 percent to 50 percent starting March 1. The decision, announced on Thursday, represents a major escalation in the intensifying trade and security dispute between the two neighbouring Andean countries."

"Ecuador's right-wing president, Daniel Noboa, has been pressuring his left-wing counterpart in Colombia, Gustavo Petro, to crack down on border security. Since the start of the COVID-19 pandemic in 2020, Ecuador has seen a surge in violence linked to the expansion of organised crime in the country."

"According to the Observatory of Economic Complexity, a data analysis firm, nearly 4 percent of Colombian exports go to Ecuador, worth roughly $2.13bn. Ecuador imports significant quantities of medicines and pesticides from Colombia. Fewer exports go from Ecuador to Colombia, though. Roughly 2.3 percent of Ecuador's exports abroad go across the shared border, amounting to a value of $863m."

Ecuador has announced a significant increase in tariffs on Colombian imports, raising rates from 30% to 50% effective March 1. This escalation stems from ongoing tensions between Ecuadorian President Daniel Noboa and Colombian President Gustavo Petro over border security and organized crime. Ecuador has experienced increased violence linked to drug trafficking expansion since 2020. Noboa accuses Petro of insufficient action against narcotics trafficking and border security cooperation. The two nations share a 586-kilometer border and significant trade relations, with Colombia exporting approximately $2.13 billion worth of goods to Ecuador annually, while Ecuador exports roughly $863 million to Colombia, creating a trade deficit of approximately $1.03 billion.

Read at www.aljazeera.com