Negotiations between El Salvador and China to establish a free trade agreement that benefits both nations are progressing positively.
The president of the Central American nation, Nayib Bukele, had already announced in 2022 that the country would begin talks with China for an FTA.
After his re-election for a new term, until 2029, Bukele has highlighted the help that the nation has received from the Asian country in recent years through “million-dollar non-refundable cooperation from the Asian giant, mostly in infrastructure projects,” such as the library built in the capital.
The FTA is one of El Salvador’s priorities currently. Relations with China were established in August 2018.
The Salvadoran vice president, Félix Ulloa, declared last week his desire to “find an ally in his economic growth projects, through tourism, renewable energy and technology.”
For her part, the Minister of Economy of El Salvador, María Luisa Hayem, indicated last week: “I am pleased to recognize that this is one of the most ambitious and complete negotiations that El Salvador has undertaken in recent years,” said the Minister of Economy of El Salvador, María Luisa Hayem.”
The FTA between both nations, one called the Asian giant, and the other the “Little Thumb of the Americas”, seeks to reduce costs in areas such as vehicle imports, in addition to reducing dependence on this market on the United States.
Likewise, a China-El Salvador trade pact will open a route for Salvadoran products to the Asian country, “especially items such as coffee, sugar and aluminum waste, which local businesses and producers have considered very positive.”
M.Pino
Source: vozdeamerica
(Reference image source: Ian Taylor in Unsplash)
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