Ecuador prepares for more banana exports to China as FTA takes effect

According to China’s State Council, the long-awaited free trade agreement between China and Ecuador went into force on May 1, marking a significant step toward greater bilateral trade. Under the terms of the FTA, around 90% of the items traded between China and Ecuador will be free of tariffs, with approximately 60% of them enjoying zero tariffs immediately. Bananas, one of Ecuador’s key agricultural exports to China, are among the goods whose tariffs will be gradually eliminated over 10 years. In January, Jose Antonio Hidalgo, executive director of the Ecuadorian Banana Exporters Association, stated that the FTA should allow the industry to double its exports to China. In April, during the association’s 25th anniversary celebrations, Hidalgo reiterated the industry’s focus on Asian markets, naming China, Japan and South Korea as primary export destinations. Citing statistics, he noted that Asia currently accounts for 6% of Ecuador’s total banana exports, and the target is to ...