China / Ecuador: Free trade agreement signed
After four rounds of negotiations, which began in February 2022, China and Ecuador signed a free trade agreement on 10 May. The two partners intend to strengthen their bilateral trade, which already amounted to $13.09 billion in 2022, with China currently being the main destination for Ecuador's non-oil exports.
This agreement will enable99.6% of Ecuadorian products exported to Chinabenefit from an exemption from customs duties. If this benefit should apply within a period of five to ten years for traditional Ecuadorian products such as shrimp, bananas, cocoa and roses, it should be effective immediately for other products. By accessing the world's largest market (1.4 billion Chinese consumers), Ecuador estimates that its exports are expected to increase by $1 billion per year. At the same time, the country expects strong job creation in the export sector.
In contrast, 800 Chinese products including textiles, footwear and ceramics were excluded from the agreement in order to protect the Ecuadorian market. Beijing is particularly interested in Ecuadorian resources such as copper, iron or oil.
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