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Ecuador Makes Inroads in Asia with the Entry into Force of the Free Trade Agreement with China
ECUADOR
Monday, May 06, 2024, 01:00 (GMT + 9)
Last Wednesday, May 1, the Free Trade Agreement (FTA) between Ecuador and China came into force. Within the framework of this transcendental commercial milestone, a commemorative event was organized with the presence of Minister Sonsoles García; Chen Guoyou, ambassador of the People's Republic of China in Ecuador; Felipe Ribadeneira, president of the Ecuadorian Federation of Exporters; government authorities and representatives of the country's productive sectors.
Source: Ministerio de la Producción de Ecuador
This agreement, which is part of the trade opening policy, will allow 99.6% of Ecuadorian exports to enter China with 0% tariffs; It also establishes provisions that will streamline sanitary and phytosanitary processes for real access to our agricultural, fish and aquaculture products.
.jpg) At the event, Minister Sonsoles García stated that the trade instrument signed with the second largest economy in the world projects that Ecuador's current exports to China could grow between USD 3,000 to USD 4,000 million in the coming years, contemplating the entry of new Ecuadorian products such as frozen meats, dairy products, non-traditional fruits, among others.
On his side, the ambassador of the People's Republic of China in Ecuador, Chen Guoyou, stressed that the entry into force of the FTA is a historical milestone in bilateral relations. He highlighted that Ecuador becomes the fourth State in Latin America that has a trade agreement with China.
 On the part of the productive sector, Felipe Ribadeneira, president of Fedexpor, pointed out that the trade agreement with China is extremely important because we are talking about a country made up of 78 times the population of Ecuador. “Tariff-free trade opens up the possibility of trade being more convenient, where consumers have access to more goods and businesses can find an adequate market for their production,” he said.
 In conclusion, Minister García highlighted the participation of the productive sector through the Deputy Room, as a powerful mechanism for the exchange of information and strategic consultation, which guarantees transparency. This made it possible to shield the sensitivities of the productive sectors by maintaining the payment of current tariffs on more than 800 products such as textiles and clothing, school footwear, flat ceramics, tires, furniture, sugar, rice, milk, potatoes, corn, among others.
Source: Ministerio de la Producción de Ecuador (Translated from the original in Spanish)
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