Menendez, Risch Introduce Legislation in Support of Ecuador
WASHINGTON – U.S. Senators Bob Menendez (D-N.J.) and Jim Risch (R-Idaho), Chairman and Ranking Member of the Senate Foreign Relations Committee, today introduced the Innovation and Development in Ecuador (IDEA) Act , legislation to make Ecuador eligible for designation as a beneficiary country under the Caribbean Basin Economic Recovery Act.
“Building on my U.S.-Ecuador partnership, which was signed into law in December, this new legislation will further expand the economic and commercial ties between our two countries,” said Chairman Menendez. “With this new bill, the United States is deepening its partnership with a key democratic partner in the Americas and creating the conditions for inclusive economic growth in both countries.”
“Ecuador is facing a number of crises, including illegal immigration, pressure from China, and violence from Mexican drug cartels,” said Ranking Member Risch. “My new legislation would help Ecuador address these threats by promoting private sector job creation so Ecuadorians have greater economic mobility at home.”
This legislation would:
- Reduce U.S. tariffs on nearly 50 percent of Ecuadorian exports to the United States.
- Promote market-based economic policies to reduce illegal immigration from Ecuador. Ecuadorians are the second largest group entering Panama illegally on their way to the United States, and illegal immigration from Ecuador has more than doubled so far in FY2023 compared to FY2022.
- Provide support to a democratic partner under extreme pressure from Chinese and other malign influences.
Text of the IDEA Act can be found here.
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