The law was approved with 103 votes in favor and only one against. It will compensate exporters with about $23 million a year.

The law allows for the giving of tax-credit certificates to companies affected by the removal of the preferences. The certificates can be used to pay taxes or some debts with state-owned banks.

The government of President Rafael Correa has said that the impact of losing the preferences will be $23 million a year, while Ecuadorean exporters put the number at $26 million.