Industry and Production Minister Julio José Prado in Quito and Chinese Foreign Trade Minister Wang Wentao in Beijing virtually signed a trade agreement between Ecuador and China that specifically specifies market access.
The event was held on Wednesday evening with the presence of several state ministers.
Cell phones, bicycles and electric motorcycles are among the Chinese products that will have a 0 percent tariff
Prado emphasized that the trade agreement uses 99.6% of Ecuador’s export supply. Of these, 50% of products will immediately enter China duty-free, such as tuna, sardines, among others.
Other products will see a gradual reduction in tariffs over a period of up to 20 years, Prado said.
Ecuador and China virtually sign a trade agreement.
Julio José Prado, Minister of Industry and Production, highlights the benefits of trade between the two countries.@eluniversocom pic.twitter.com/rucAzjuLwB— Vanessa Silva (@vanesilva00) May 11, 2023
The minister clarified that the agreement does not currently include issues of investment, services, public procurement, among others.
For Ecuador, China represents a market of 1,400 million consumers.
The event took place at the Marriott Hotel, where there will also be a discussion with the participation of President Guillermo Lasso, where he will present more details of the trade agreement.
Source: Eluniverso
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