Ecuador announces an increase in the import tax rate on Colombian goods.

The Ecuadorian government announced on the 26th that it will raise the "security tax" rate on goods imported from Colombia from 30% to 50%. The new tax rate will take effect on March 1st. The Ecuadorian government stated in a press release that due to Colombia's lack of efforts in border security and cross-border law enforcement cooperation, Ecuador has decided to increase the tax rate for national security reasons, with the aim of promoting the implementation of both countries' shared responsibility in combating border drug trafficking issues.