Ecuador and China successfully concluded the dialogue to achieve a trade agreement between the two countries, after four rounds of negotiations and dozens of technical meetings in the last ten months.
The president of Ecuador, Guillermo Lasso, was in charge of making the announcement, pointing it out as “good news” to start the year 2023, as he has written on his Twitter account. “Our exports will have preferential access to the largest market in the world and our industries will be able to acquire machinery and inputs at lower costs.”
The Ministry of Production, Foreign Trade, Investment and Fisheries of Ecuador reported in a statement that the agreement, which both countries will sign on a date yet to be defined, has as its main objective the reduction of tariffs, which will allow greater access to goods and services between the Ecuadorian and Chinese markets.
99% of Ecuador’s exports to China will have “preferential access“, highlighting mainly products such as shrimp, cocoa or coffee, but it will also open the doors of exports of products such as pineapple, mango, quinoa or certain foods processed.
In addition, it will include various disciplines such as rules of origin, improvement of customs procedures and trade facilitation, trade defense, protocols for sanitary and phytosanitary measures, reduction of technical barriers to trade, cooperation for investment or promotion of electronic commerce.