The governments of China and Ecuador today took the first step to reach a free trade agreement with the signing of a memorandum of understanding, just two days after the presidents of both countries agreed to start negotiating this instrument.
The Chinese Minister of Commerce, Wang Wentao, and the Ecuadorian Minister of Production, Foreign Trade and Investments, Julio Prado, signed the memorandum that marks the beginning of bilateral talks, the Chinese Ministry of Commerce reported in an official note.
Last Saturday, the leaders of China, Xi Jinping, and Ecuador, Guillermo Lasso, met in Beijing and gave the green light to the project, which the Ecuadorian leader hopes will be completed “by the end of 2022,” as he wrote in his Twitter account. Twitter.
“The signing of a free trade agreement will help expand the potential of bilateral trade and its sustained, stable and diversified development,” reads the ministerial statement.
China has been Ecuador’s second most important trading partner for the last two years; In 2021, the commercial exchange between the two countries was around 11,000 million dollars, 44.5% more than in the previous year. (I)
Source: Eluniverso
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