Ecuador reaches trade deal with China, aims to increase exports, Lasso says

Ecuador President Guillermo Lasso said on Tuesday, Jan 03, the country has sealed a free trade deal with China, an agreement expected to increase exports by USD 1 billion and boost growth in the South American country’s industrial sector.

“Good news to start 2023. The FTA negotiation between China and Ecuador has been successfully concluded,” President Guillermo Lasso said on Twitter.

“Our exports will have preferential access to the largest market in the world, our industries will be able to acquire machinery and inputs at lower costs.”

“This trade agreement will allow preferential access for 99% of Ecuador’s current exports to China, especially agricultural and agro-industrial products such as shrimp, bananas, roses and flowers, cocoa, and coffee,” Ecuador’s production ministry said in a statement.

According to data from the Central Bank, Ecuador reached US$ 5 billion in exports, especially agricultural products, in 2022, almost US$ 1 billion more than the previous year.

Two more steps must be completed for the agreement to enter into full force: formalization of the signed terms through translation and legal revision, and finally, Assembly approval.

Source: Valor Econômico

To read the full original article, follow the link: https://valor.globo.com/mundo/noticia/2023/01/03/equador-e-china-fecham-acordo-de-livre-comercio-que-vai-gerar-alta-de-us-1-bi-em-exportacoes-aos-chineses.ghtml

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