a background note on the institutional assessment for trade and investment in Ecuador. The trade policy analysis was led by Jose-Daniel Reyes, Mariana Vijil (Economist, GFCLC), Esteban Ferro, and Lucas Zavala (consultant, GMTIC). Ivan Francisco Gachet (Consultant, GMTLC) provided a background note on the labor market. Anne Brockmeyer (Senior Economist, GMTLC), Jakob Brounstein, and Spencer Smith provided a background note on the impact of the tax on capital outflows. Ashwini Rekha (Agricultural Economist, GFAO4) provided a background note on the impact of agricultural support policies. Peer reviewers were Jakob Engel (Economist, GMTRI) and Ivan Nimac (Lead Private Sector Specialist, GMTCI). We would also like to thank the Central Bank of Ecuador, the Super intendency of Societies, the Domestic Revenue Service, and the Ministry of Production, Foreign Trade, Investment, and Fisheries for support gathering information and the guidance on the most relevant topics to explore.