China-Nicaragua FTA to make 60% goods in bilateral trade tariff-free

01 Sep '23

1 min read

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Insights

Nicaragua and China have signed a free trade agreement after year-long talks.
The deal is the 21st of its kind for China.
The FTA will facilitate high-level mutual opening up in areas like goods and services trade and investment access.
When the FTA takes effect, about three-fifths of goods in the bilateral trade will be exempted from tariffs.

Nicaragua and China recently signed a free trade agreement (FTA) after year-long negotiations. The deal is the 21st of its kind for China.

The FTA was signed virtually by Chinese commerce minister Wang Wentao and Laureano Ortega, advisor on investment, trade and international cooperation at the Nicaraguan president's office.

Nicaragua has now become China's 28th global free trade partner and fifth in Latin America.

The FTA will facilitate high-level mutual opening up in areas like goods and services trade and investment access, according to a statement issued by the China's commerce ministry.

When the FTA takes effect, about three-fifths of goods in the bilateral trade will be exempted from tariffs, and the tariffs on over 95 per cent of goods will be gradually reduced to zero, an official Chinese news outlet reported.

It features provisions for the stay of business people's parents, comprises aspects of the digital economy and stipulates cooperation in measurement standards in the technical trade barriers chapter.

Bothe the countries will now carry out their respective domestic procedures for the early implementation of the FTA.

ALCHEMPro News Desk (DS)

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