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Latin American Economy & Business - December 2016 (ISSN 1741-7430)

Ecuador: Looking forward, after a tremulous year

On 20 December President Correa ratified Ecuador’s adhesion to the European Union (EU)-Andean comprehensive trade agreement, already comprising Colombia and Peru. “We achieved this year what they said was impossible”, Correa tweeted, referencing concerns that the deal would not be approved before existing preferential access rights to the EU expired. It has been a difficult year for the oil-export dependent country, after the strongest earthquake in 40 years hit northern Pacific coastal provinces in mid-April, killing over 600 and causing US$3bn in damages. After a decade in power, Correa is leaving office in February, but aims to see his radical left-wing ‘Citizens Revolution’ continue under an elected successor. With the economy in the doldrums and voters hankering for change, that is not guaranteed.

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