The two countries hope to boost bilateral trade, which will reach $13.09 billion in 2022, a record number according to the Central Bank of Ecuador.
China and Ecuador signed a free trade agreement on Wednesday that allows 99.6 percent of Ecuadorian products to benefit from customs duty exemptions, Ecuadorian Trade Minister Julio Jose Prado announced.
Prado, who signed the agreement with his Chinese counterpart Wang Wentao, told reporters via video link that this agreement “opens the door to the largest market in the world with 1.4 billion consumers.”
Beijing and Quito concluded negotiations on this agreement in December.
The two countries hope to boost bilateral trade, which will reach $13.09 billion in 2022, a record number, according to the Ecuadorian Central Bank.
The Ecuadorian minister indicated that the abolition of customs duties on traditional Ecuadorian export products, such as shrimp, bananas, cocoa and roses, will take between five and ten years, but it will enter into force immediately for other products.
Other countries have concluded free trade agreements with China, including Peru, Costa Rica and Chile.
Prado said Ecuador hopes the agreement will also stimulate job creation, as 1.2 million people work in the export sector, a number that could double over the next decade.
In order to protect some Ecuadorian productive sectors, about 800 Chinese products were excluded from the agreement, such as textiles, shoes and porcelain.
