Ecuador Ratified FTA with China on February 7, 2024

Ecuador ratified a free trade agreement (FTA) with China on February 7, 2024, becoming the fourth Latin American nation to do so. This strategic move is expected to significantly benefit Ecuador's export industry, especially its flagship products, by lowering tariffs and stimulating market growth in China. This agreement is expected to increase Ecuador's exports to China by up to 7% in the near term and promote the export of non-traditional products like dragon fruit and quinoa, with bananas becoming tariff-free within ten years.