The process of reaching the signing of the trade agreement between Ecuador and China, which was technically closed in December 2022, completed a new step this Thursday, April 6, reported the Minister of Production, Foreign Trade, Investments and Fisheries, Julio José Prado. , who announced that “the next step for the signing of the FTA has been agreed”.

This after the minister met with the Chinese ambassador, Chen Guoyou, to advance this process with the Asian giant, which in 2022 became the first destination for Ecuadorian non-oil exports with shipments of 4343 million dollars.

Until now, the text of the agreement is in the process of translation, review and ratification. However, Prado did not specify whether this step has already been completed, but assured that a close date will be defined for the signing of the agreement and that this act will take place in China.

The text of the agreement excludes about 800 sensitive products to protect the national industry. These products represent 10% of the national tariff, indicated last January Minister Prado, who revealed that there are more than 400 articles related to the textile sector that have been preserved so that they are not directly affected by the competition with China’s zero tariff.

The agreement with China excludes about 800 highly sensitive products; and includes relief of up to 20 years for sectors of medium sensitivity

The sectors of metal processing, steel, ceramics and white industry are also protected.

After the signing, this year Ecuador will become the 25th country in the world and the third in South America to conclude a trade agreement with China, the Ministry of Production, Foreign Trade, Investments and Fisheries announced. In the region, Ecuador will join Chile and Peru, countries that already have a trade agreement with the Asian giant.

Meanwhile, in Europe, China has trade agreements in place with Iceland. In Eurasia with Georgia; in Asia with Cambodia, the Maldives, Korea, Pakistan, the Association of Southeast Asian Nations (ASEAN), which consists of Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. It also has agreements with Hong Kong and Macau, both of which have the Closer Economic Partnership Agreement (CEPA) or Closer Economic Partnership Agreement in force.

https://twitter.com/pradojj/status/1644073868913520642

In Central America, the only country that has an agreement with China is Costa Rica, with which Ecuador also signed an agreement at the beginning of March last year in San José. In Africa, China has a trade agreement with Mauritius, an island nation in the Indian Ocean; and in Oceania, with Australia and New Zealand.