After the signing of the trade agreement between China and Ecuador, it will continue its process so that it can be implemented in the country. Whether it will come into force now depends on other instances of the state.
The Ministry of Production, Foreign Trade, Investments and Fisheries is estimating how much time will be required for the next steps for this agreement.
What is the difference between an FTA and a trade agreement?
Chinese fisheries left out of trade deal with Ecuador, but Asian giant tuna will see fishmeal and Ecuadorian fish oil confiscated
The trade agreement foresees a gradual reduction of tariffs on Chinese cars until 2038, imported furniture will not be reduced
In addition to shrimp, minerals and metals, wood and bananas, China buys fruit, machinery and flowers from Ecuador. It is the main destination of Ecuador’s non-oil exports, which reached $5,739 million in 2022, a growth of 57% compared to 2021. Between January and February 2023, non-oil exports grew by 8%.
China absorbs 27% of all that Ecuador exports. Ecuador’s total exports to China – which include oil – amounted to $5.843 million in 2022, up 42% from the same period last year, according to data provided by the Ecuadorian Export Federation (Fedexpor).
Source: Eluniverso
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