The China-Nicaragua free trade agreement enters into force, impacting bilateral seafood trade

Seafood

Nicaragua

China

Regulation & Compliances

Published Jan 10, 2024

Tridge summary

Nicaragua and China entered into a free trade agreement that exempts 71 percent of Nicaraguan goods from tariffs, in hopes of bringing economic benefits to the country. Despite economic sanctions from several countries, Nicaragua went ahead with the agreement, which was concluded in 2022 and entered into force on January 1, 2024. Nicaraguan President Daniel Ortega referred to the agreement as "the best Christmas gift" in a speech on December 22, 2023, and officials believe it will bring economic and social benefits, new investments, jobs, and technology transfer from China to Nicaragua.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

This agreement was made in exchange for Nicaragua's transfer of diplomatic recognition of Taiwan as part of mainland China. Despite economic sanctions from the US, Canada, UK and EU, Nicaragua entered into a free trade agreement with China in hopes of bringing economic benefits to its citizens. The Nicaragua-China Free Trade Agreement, concluded in 2022, entered into force on January 1, 2024. According to Reuters, the China-Nicaragua Free Trade Agreement exempts 71 percent of goods sent by Nicaragua to China, including fish, shrimp, from tariffs. , lobsters and sea cucumbers. The agreement was signed in October 2023 in a virtual ceremony, with presidential adviser Laureano Ortega saying it would “bring ...

Source: Fishretail