The Chinese Embassy in Ecuador and the Ministry of Production, Foreign Trade, Investment and Fisheries of Ecuador jointly held a celebration ceremony for the entry into force of the China Ecuador Free Trade Agreement in Quito, the capital of Ecuador. Nearly 250 representatives from the governments and business sectors of China and Ecuador attended. Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador, Garcia, said that the implementation of the free trade agreement is a milestone in Ecuador China economic and trade cooperation, indicating the common vision of the two countries to consolidate bilateral relations and promote economic and social development. Ecuador China bilateral trade and investment will enter the "fast lane" of growth, create a large number of jobs for Ecuador, help improve people's well-being, and will also help Ecuador and China to jointly build the "the Belt and Road" cooperation, and enhance people to people connections between the two countries. Chinese Ambassador to Ecuador, Chen Guoyou, said in his speech that the official entry into force of the China Ecuador Free Trade Agreement sends a strong signal to the international community to support multilateralism and free trade. I hope that the business communities of both countries can fully utilize the preferential conditions of the agreement, seize market opportunities, investment opportunities, and growth opportunities, and use exhibition platforms such as the China International Import Expo and the Canton Fair to promote economic and trade cooperation between the two countries to reach new heights. Representatives from the Ecuadorian business community affirmed China's economic development achievements at the ceremony, stating that the formal implementation of the agreement will open up new opportunities for Ecuador's export industry. At the same time, by introducing Chinese technology and equipment, Ecuador's production industry will also experience growth. It is reported that both China and Ecuador have completed their domestic approval procedures, and the China Ecuador Free Trade Agreement officially came into effect on May 1st this year. After the agreement takes effect, China and Ecuador will gradually cancel tariffs on about 90% of each tax item, covering each other's main export products. Among them, about 60% of the tax items will have their tariffs cancelled immediately on the 1st. The negotiations on the China Ecuador Free Trade Agreement were launched in February 2022. On May 11, 2023, the two countries signed a free trade agreement, making Ecuador China's 27th free trade partner and China's fourth free trade partner in Latin America after Chile, Peru, and Costa Rica. (Lai Xin She)
Edit：hechuanning Responsible editor：susuiyue
Source：xinhua
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