Home breadcru News breadcru Import/Exports breadcru China & Ecuador to sign free trade agreement

China & Ecuador to sign free trade agreement

05 Jan '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Ecuador and China will sign a free trade agreement (FTA) after almost a year of negotiations, Ecuadorian President Guillermo Lasso recently announced on micro blogging platform Twitter. "Our exports will have preferential access to the largest market in the world, our industries will be able to acquire machinery and inputs at lower costs," the president wrote.

The FTA, negotiations for which began in February 2022, is expected to boost growth in the South American nation.

China's annual bilateral trade with Ecuador is estimated at over $10 billion. It was the latter’s primary non-oil trade partner in the first half of 2022, according to the Ecuadorian trade ministry.

The date for the formal signing of the deal is yet to be decided, the ministry was quoted as saying by a global newswire.

The agreement, once signed, will make Ecuador the fourth Latin American country to have an FTA with China, after Costa Rica, Peru and Chile.

ALCHEMPro News Desk (DS)

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