China and Ecuador signed a free trade agreement

China and Latin America Ecuador officially signed a free trade agreement. Ecuador has become the fourth free trade partner in Latin America after Chile, Peru, and Costa Rica.

According to the website of the Ministry of Commerce of China, the Minister of Commerce of China Wang Wentao and the Minister of Foreign Trade, Investment and Fisheries Prado, the Minister of Foreign Trade, Investment and Fisheries, on behalf of the country, and officially signed ChinaThe Government of the People's Republic of China and the Government of the Republic of Ecuador of Ecuador (hereinafter referred to as the China -Ecuades Free Trade Agreement).

The person in charge of the International Department of the Ministry of Commerce said that the SCO Free Trade Agreement is an important consensus reached by the leaders of the two countries.The negotiation was launched in February 2022. After one year of consultation, the negotiation was announced in February this year.Since then, the two parties have jointly completed the preparations such as the legal review and translation of the agreement text, fulfilling their domestic procedures, and formally signed the agreement on May 11.

After the agreement is signed, the two parties will fulfill their domestic procedures and promote the early effective implementation of the agreement.

The person in charge of the International Department of the Ministry of Commerce introduced that China is Ecuador's second largest trading partner, and Ecuador is an important economic and trade partner in Latin America and the import source of agricultural and fishery mineral products.Important partner of the way.The bilateral trade volume of China -E -Meloid reached US $ 13.1 billion (about S $ 17.4 billion) last year, an increase of 19.7%year -on -year, and the two consecutive years increased by more than two digits.

The Ministry of Commerce of China said that according to the trade tariff reduction arrangement arrangement, China -Er will cancel the tariffs on 90%of the taxation. Among them, about 60%of the tax purpose will be canceled immediately after the agreement is effective.

In terms of specific products, China ’s zero -tariff products will fully cover the main export products of Ecuyer. After the agreement takes effect, the banana, white shrimp, fish, fish oil, flower and dried flowers, cocoa and coffeeWhen products enter the Chinese market, tariffs will gradually drop from the current 5%-20%to zero.

Ecuades will also implement zero tariffs on the main export products of China. After the agreement takes effect, Chinese -made plastic products, chemical fibers, steel products, machinery appliances, electrical equipment, furniture decoration, automobiles and components, etc.When most products enter the Ecuades market, tariffs will be gradually reduced and canceled on the basis of current 5%-40%.

The Ministry of Commerce also said that the China -E -E -Ecuades Free Trade Agreement is the 20th Free Trade Agreement signed by China. Ecuador has become the 27th free trade partner in China.The fourth free trade partner in the region.