With the National Assembly already in place, Ecuador’s trade agreement with China is gaining new momentum at the level vestibule to achieve its ratification and implementation, as it is expected to enable the growth of exports to the Asian giant by 30 percent in the first three years, i.e. an additional 1.5 billion dollars.

The new government’s image of openness and the formation of the International Affairs Commission, which is in charge of these agreements, gives good signals to the Ecuadorian-Chinese Chamber of Commerce that the agreement with China will be ratified in the Assembly and that it will approach members of this legislative committee to provide technical information on positive effect: for exporters who are the main job generators and importers who will have access to machinery, technology and raw materials at better prices.

“Due to the absence of a trade agreement, in the last 25 years we have practically continued to export the same amount to China”

There are four legislators from the National Democratic Action (ADN) and Jonathan Parra presides over them, and the other five come from Revolución Ciudadana, PSC and Gente Buena. He will make more specific contacts with them. “We are very interested in promoting the trade agreement, so that it is not seen as a proposal of the previous government, but as a positive proposal for the country, so that we do not risk politicizing the issue,” comments Gustavo Cáceres, president of the Chinese Chamber of Commerce of Ecuador.

The Committee for International Relations consists of:

The agreement with China was signed a week before the death on the cross, and for that May 10, 2023, it was estimated that the process in the Assembly would last about eight months and would come into force in the first months of 2024. However, everything changed with early elections and dissolution legislative body.

This agreement has already passed the control of the Constitutional Court (November 1), which asked the executive power to send it to the Assembly for analysis and adoption as soon as it takes office. Now the projection is that legislators will ratify it by June 2024: “we hope that it will not be after the first semester in which it is processed because it goes hand in hand with one of the challenges that the government is facing, which is to stimulate the country’s economy. We are facing two major urgent situations, namely the issue of security and the issue of economic development. As a union we are aware and will strive to ensure that the approval of the trade agreement is also considered a very necessary issue to contribute to the economic development we seek.”

“More than 9.5 billion dollars of investment contracts in two and a half years, despite the difficulties”, emphasizes Daniel Legarda on the last day of the Government

Companies are already preparing for this agreement, and in this direction China Expo 2023 is being held, where representatives of Chinese brands will participate, exhibitions on how to buy and sell products from and in China, how to take advantage of the trade advantages of the agreement, on consumer trends in the Asian giant, as well as cultural issues.

It is a multi-sector fair that will be held from November 23 to 25 at the Guayaquil Convention Center, and from November 29 to 30 at the Quito Metropolitan Convention Center. This event was supported by representatives of the governments of China and Ecuador, according to a press release from the Chinese Chamber of Commerce of Ecuador.