China enlarges its presence in South America by negotiating FTA with Ecuador

Wang Wentao, China’s Trade Minister, and Julio Prado, Ecuador’s Minister of Production, Foreign Trade, Investment, and Fisheries, signed a memorandum of understanding regarding a Free Trade Agreement (FTA) between the two countries.

This is the initial step towards establishing an FTA, China’s Ministry of Commerce revealed in a statement.

Economic and trade cooperation between China and Ecuador has achieved remarkable results in recent years, with bilateral trade growing significantly.

In 2021, bilateral trade totaled US$10.95 billion, an increase of 44.5% over the previous year. China has been Ecuador’s second-largest trading partner for two consecutive years.

The two sides launched a feasibility study on the FTA in September 2021 and completed it in January 2022.

According to the statement, the agreement’s signing will help explore the potential of bilateral trade further and promote its sustained, stable, and diverse development.

Source: Comex do Brasil

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