President Guillermo Lasso confirmed that this Tuesday, January 3, 2023, the negotiations to establish a Free Trade Agreement (FTA) with China concluded. With this, Ecuadorian exports will have tariff benefits to enter the largest market in the world.
The Ministry of Production, Foreign Trade, Investment and Fisheries reported that the agreements and the roadmap were established with the Government of China after four rounds of negotiations, which started in February 2022, when the president made an official visit to Beijing.
When the treaty between the two countries enters into force, up to 99% of Ecuadorian products will have preferential access in China. The State portfolio reported that the benefited products will be ” mainly agricultural and agro-industrial such as shrimp, bananas, roses and flowers, cocoa, coffee, among others. It will also open the export doors of non-traditional products such as pitahaya, pineapple, mango, blueberries , quinoa, processed foods, fresh and canned fruits, and a large number of other products from the agricultural and agro-industrial supply”.
China is the largest market on the planet with 1.4 billion potential consumers of Ecuadorian products. Currently, the Asian country is Ecuador’s largest trading partner in non-oil exports and exceeds USD 10 billion annually.
The Ministry of Production announced that in the treaty there will be protections for some agricultural and industrial products, especially in the manufacturing sector. The agreement will also promote the entry of machinery and technological products at a lower price.
The date of the signing of the Free Trade Agreement will be determined by the rulers of both countries, once the legal analysis and the respective translations into Spanish and Mandarin of the concluded agreement are completed.