European governments have met all the requirements for the formal ratification of the Free Trade Agreement (FTA) with Colombia, Ecuador and Peru, as announced in a statement on Monday.

In the case of Peru and Colombia, “the agreement has been applied provisionally since 2013” ​​and since 2017 with Ecuador, “but its definitive ratification will allow its application to be completed and ensure greater legal security for all parties involved.”

With this procedure completed, the parties will be able to “fully apply from November all the provisions of an agreement that has already been applied provisionally for eleven years.”

This Multiparty Trade Agreement with the three nations of the Andean Community promoted the opening of markets between both regions in the commercial and investment sphere, which includes “services, intellectual property, public procurement and the protection of Human Rights.” Areas such as cooperation in the sectors of competitiveness, innovation, modernization of production, trade facilitation and technology transfer and sustainable development are contemplated.

The European Union has a crucial role as the third trading partner in these countries, ratified by community data from 2023, when total trade was 33 billion euros.

With the ratification of the FTA, better conditions are expected to emerge in areas such as tariff regulation, “competition, transparency and intellectual property rights.”

In the statement, the European Council advocated for “a more stable and predictable environment for companies with a bilateral dispute resolution mechanism and a mediation system for non-tariff barriers.”

The agreement includes cooperation in the sectors of competitiveness, innovation, modernization of production, trade facilitation and technology transfer and sustainable development.

M. Pino

Source: americaeconomia

(Reference image source: Bernd 📷 Dittrich in Unsplash)

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The Free Trade Agreement (FTA) between China and Ecuador came into force on May 1 after receiving the full approval of both governments, as indicated this Monday by the Chinese Ministry of Commerce.

The agreement will allow commercial exchange between both nations, cooperation in economic matters and the elimination of tariffs in transactions with products from both countries.

The FTA, which was signed in a virtual event in May 2023, establishes that 90 % of “products traded between China and Ecuador will be exempt from tariffs, while around 60 % of them will enjoy zero tariffs immediately.”

This is the first agreement in the commercial field between Ecuador and China, after “4 rounds and several technical meetings, developed virtually during the months of April to December 2022.”

The FTA is aimed at trade in goods and contemplates a total of 17 disciplines. Several benefits are expected for Ecuadorian exports. “The first benefit is real access to our current and potential exportable supply in better conditions to a market of 1.4 billion consumers, with high purchasing power.”

M.Pino

Source: produccion,gob.ec

(Reference image source: Andrés López Maldonado in Unsplash)

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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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