Ecuador is the fourth country in Latin America to sign a trade agreement with China

First modification: 05/11/2023 – 19:20

It is Ecuador’s first agreement with any Asian country and the signing comes after last year the South American nation displaced the United States as its main non-oil trading partner.

The treaty, focused on the commercial exchange of goods, contemplates a total of “17 disciplines and is considered state-of-the-art”, due to the fact that a section was allocated for electronic commerce, which positions the Ecuadorian territory as the first to include a chapter on this issue in a trade agreement with China.

In his social networks, the Ecuadorian president, Guillermo Lasso, celebrated the news and highlighted the important figures of the document. He also applauded the work of the Ministry of Production in this advance. “Another good news for Ecuador. Today we signed the trade agreement with China that opens up a market of 1.4 billion consumers,” he said.

And it is that the document came to an end after 10 months of negotiations and in the end it managed to exclude investments or services between both parties, since it focused only on the trade of goods.

In the official report, the Ecuadorian government highlighted that “In terms of goods, trade between the two countries reached around 12,000 million dollars in 2022. Exports amounted to 5,823 million dollars, highlighting products such as shrimp, lead and copper concentrate, other mining products, bananas , balsa, wood and its products, cocoa, among others”.

With EFE and local media