Ecuadorian President Guillermo Lasso said on January 3 that a free trade agreement with China had been reached, calling it "good news to start 2023." The Chinese Ministry of Foreign Affairs confirmed on the 4th that the negotiations on the China-Ecuador free trade agreement are progressing smoothly.
On January 3, Laso tweeted on the social platform: "The good news for 2023 is that the (free trade agreement) negotiations between China and Ecuador have been successfully concluded." He also said that through this free trade According to the agreement, Ecuador's products will be exported to China first, and at the same time, the country's manufacturers will be able to obtain Chinese equipment and products at a lower cost.
The entry into force of the free trade agreement will enable Ecuador to enjoy preferential access to 99% of the commodities currently exported to China, including shrimp, bananas, roses, cocoa, coffee and other traditional agricultural and agricultural products, as well as dragon fruit, pineapple, mango, blueberry , quinoa and other non-traditional Ecuadorian agricultural and agricultural products. According to reports, the agreement focuses on reducing tariffs to allow market access, improving customs procedures and facilitating the trade process.
According to the Ecuadorian Ministry of Production, Foreign Trade, Investment and Fisheries, the agreement will promote the entry of Ecuadorian agricultural and industrial products into the Chinese market, thereby creating more jobs and attracting more investment. The ministry said in a statement, “Currently, the bilateral trade volume between Ecuador and China has exceeded US$10 billion and is growing. China has become Ecuador’s main trading partner in non-oil trade in the first half of 2022. Through the free trade agreement deepening and expanding trade will bring endless benefits to both countries.” The ministry also said that the trade agreement with China protects Ecuador’s agricultural and industrial sectors through long-term tax breaks and exclusions on the one hand, and on the other through duty-free access to raw materials, Tools, equipment reduce production costs for Ecuadorian industry and will provide Ecuadorian consumers with a greater variety and high-quality products.
