Ecuador
Reciprocal 30% tariffs on goods traded between Colombia and Ecuador took effect on February 1, leading to truck backups at the border since the weekend. Border zone merchants voice concerns over effects on legal trade and rising prices for consumers. Officials and private sector from both nations will meet this Monday to explore alternatives.
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The Ecuadorian government announced a 900% increase in the tariff for transporting Colombian crude through the Transecuatoriano Pipeline, rising from about $2.5 per barrel to over $30. Ecopetrol, impacted by this unilateral measure, is exploring options like exporting via Coveñas to mitigate effects on its southern Colombia operations. Colombia's Ministry of Mines and Energy rejected the decision, calling it an aggression threatening production in Putumayo.
Researchers have discovered South America's first amber deposits preserving ancient insects in an Ecuadorian quarry. The 112-million-year-old find from the Hollín Formation offers insights into a prehistoric forest on the supercontinent Gondwana. This rare glimpse reveals a diverse ecosystem from the Cretaceous period.