Colombia slaps 30 pct tariff on Ecuadorian goods in retaliation

Bogota [Colombia], January 23: Colombia will impose a 30 percent tariff on several Ecuadorian products, Minister of Trade, Industry and Tourism Diana Morales announced Thursday, a day after Ecuador revealed its "unilateral" decision to levy a similar tariff on Colombian goods.
"This tariff is not a sanction or a confrontational measure, but rather a corrective action aimed at restoring the balance of trade and protecting the national productive sector from external distortions," Morales said in a statement.
She added that Colombia and Ecuador have historically maintained a relationship based on cooperation, dialogue and respect, expressing her regret that Ecuador has violated this principle.
Colombia's response, she said, is "proportional, temporary, and subject to review," assuring that it does not imply abandoning dialogue between the parties aimed at finding a mutually beneficial solution.
The Ecuadorian exports to Colombia that are subject to the new tariffs amount to over 250 million U.S. dollars, Morales added.
On Wednesday, Ecuadorian President Daniel Noboa announced a 30 percent tariff increase on Colombian goods, effective Feb. 1.
Noboa cited a trade deficit exceeding 1 billion dollars annually, as well as Colombia's alleged lack of cooperation in addressing illegal armed groups along the border.
Source: Xinhua