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Ecuador and China will sign significant trade agreement on May 10

Prensa Latina - 02 May 2023

Ecuador and China will sign significant trade agreement on May 10
By Elsy Fors Garzon

According to the headline, the signing of the treaty will be done virtually in simultaneous ceremonies in Quito and Beijing.

The authorities of both nations decided to sign the pact after 10 months of meetings and four rounds of negotiations focused on the reduction of tariffs to allow merchandise access to the two markets.

Among the national products that will be benefited are shrimp, bananas, flowers, cocoa, coffee, and other less traditional ones such as pineapple, mango, blueberries, quinoa, processed foods, as well as fresh and canned fruits.

The pact also includes rules to improve customs procedures, protocols for sanitary and phytosanitary measures, reduction of obstacles to commercial exchange, cooperation for investment, promotion of electronic commerce, among other aspects.

The commercial instrument will substantially improve the access of the Ecuadorian exportable offer to a market of over 1.4 billion consumers, the Ministry of Production stated in an official note in January, when the negotiations concluded.

China is currently Ecuador’s main non-oil trade partner, said the statement, which also highlighted how the agreement will bring multiple benefits to both countries.

Minister Prado highlighted this Monday at an event in Guayaquil that the treaty with the Asian giant joins others of this type promoted by Ecuador, such as the one signed last March with Costa Rica and the one with South Korea, which is in the final phase.

 source: Prensa Latina