June 7, 2007

US lifts anti-dumping tariffs on Ecuador's shrimps

The US has lifted anti-dumping tariffs on Ecuador's shrimps after the the World Trade Organisation (WTO) ruled in favour of the South American country.

The US Trade Department confirmed the end of the punitive tariff system which had been imposed since 2004.

The WTO first ruled in Ecuador's favour in January this year.

Ecuador is the world's fifth-largest producer of shrimp for export and was previously the chief supplier to the US.

The US has promised to amend the tariffs on Ecuadorian shrimps before 20 August this year.

The lifting of the tariffs signals hope for other shrimp producing nations slapped with tariffs by the US such as Thailand, India, Brazil, China, and Vietnam, all of whom have lodged complaints with the WTO.