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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