Ecuador and China’s Free Trade Agreement (FTA) will greatly increase trade by cutting tariffs.
This move, praised by Ecuador’s Trade Minister Sonsoles García, opens up new markets for products.
The National Assembly’s approval marks a key milestone for this deal, showing its wide support.
García pointed out that China is a major partner for Ecuador, especially for non-oil goods. This partnership is vital as China offers a huge market for Ecuador’s exports.
The agreement will start in 2024, making 90% of traded goods between these countries tariff-free, with 60% seeing immediate zero tariffs.
The FTA promises growth for Ecuador, benefiting small businesses and artisans significantly.
With China’s vast population, Ecuador sees a golden chance to expand its product reach.
This agreement covers key exports like shrimp and opens doors for new ones, like blueberries and dairy products.
The deal will boost Ecuador’s economy by increasing trade, with China being the top market for Ecuador’s non-oil exports in 2022.
Trade figures show a robust exchange between the two nations, highlighting the importance of Chinese imports for Ecuador’s industries.
The agreement’s e-commerce chapter is a first for Latin America, offering new opportunities for Ecuadorian businesses online.
To protect local industries, 828 Chinese products are excluded.
Over 11,000 Ecuadorian companies are set to benefit as economic ties and opportunities between Ecuador and China grow with increased exports and imports.
This FTA marks a crucial step towards strengthening Ecuador’s position in the global market, showing how strategic partnerships can aid in economic recovery and growth.