Argentine Economy Minister celebrates signing of automotive agreement with Ecuador

Argentina's Economy Minister Luis Caputo hailed a significant new automotive trade agreement signed with Ecuador, viewing it as a crucial step for the Argentine auto industry's resurgence in the region. The deal, finalized in Quito during President Javier Milei's official visit, aims to bolster exports and competitiveness.

The agreement substantially reduces the general tariff applied to Argentine vehicles entering Ecuador, lowering it from 28% to 10%. Furthermore, it establishes tariff-free access for electric and hybrid vehicles, as well as auto parts. This preferential treatment is expected to create a more favorable market for Argentine automotive products.

Caputo expressed optimism about the agreement's impact, projecting that it will help the Argentine automotive industry regain its regional presence, attract investment, and strengthen its competitive edge. He specifically anticipates a doubling of current sector exports to Ecuador within the next year, signaling a strong potential for growth.

The automotive accord was one of several cooperation agreements signed during Milei's visit. Other deals focused on areas such as cyber defense, extradition, energy, and combating illegal fishing, indicating a broader effort to deepen bilateral ties between Argentina and Ecuador.