The President of the Republic, Guillermo Lasso, reported a few minutes ago that At the end of the year, it is expected to sign the Free Trade Agreement (FTA) with China. He hoped that this could even be in October when there is a meeting of China with trade and investment with Latin America that will be in Guayaquil. At the moment, he clarified what has already been done is to sign a memorandum of understanding that the beginning of the formal negotiation process.
The idea, he explained, is that all Ecuadorians, producers and businessmen, together with the minister of production work in the negotiation process of this FTA. For the president, an agreement of this type, with such a large economy, is important to consolidate Ecuadorian exports of products such as shrimp, bananas, pitahaya, which will generate employment in Ecuador. He highlighted the importance of a market like China with $1.4 billion inhabitants.
He explained that there is an understanding and supportive attitude from China so that theThe opening is gradual. Ecuador’s idea is to protect sensitive sectors and allow a gradual opening over time, not all at once, until there is greater competitive capacity.
He explained that the agreements will allow Ecuadorian products to enter China without tariffs. “We have 9 or 10 months to negotiate the red lines,” he said, emphasizing that small and medium-sized businesses and sensitive sectors such as textiles and footwear will be protected. “We are not going to do things foolishly and madly,” he assured. However, he said that a priority of the Government is to generate employment and this opening would be an opportunity to do so. He explained that the Ecuadorian economy should grow at 8% and 9% yearly to generate the employment that is required.
The president also explained that this year it is expected initiate a trade agreement with South Korea.
Lasso spoke of the start of debt talks with China.
Source: Eluniverso
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