The China-Nicaragua free trade agreement is now in effect, impacting bilateral seafood trading

Seafood

China

Nicaragua

Regulation & Compliances

Published Jan 8, 2024

Tridge summary

In October 2023, the China-Nicaragua Free Trade Agreement was signed, promising to free up 71 percent of Nicaraguan exports to China from tariffs, including fish, shrimp, lobster, and sea cucumber. This agreement was made in exchange for Nicaragua switching diplomatic recognition from Taiwan to China. Despite facing economic sanctions from the U.S., Canada, the U.K., and the E.U. due to anti-democratic moves, Nicaragua has pursued a free trade agreement with China in hopes of generating economic benefits for its citizens.

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

The free trade agreement initiated in 2022 between Nicaragua and China went into effect on 1 January 2024.China promised Nicaragua a free-trade deal in return for it switching diplomatic recognition from Taiwan in December 2021.The China-Nicaragua Free Trade Agreement frees up 71 percent of the products sent by Nicaragua to China – including fish, shrimp, lobster, and sea cucumber – from facing tariffs, according to Reuters.The agreement was signed in October 2023 in a virtual ceremony, with Presidential Advisor Laureano Ortega saying it would "generate economic and social benefits for Nicaraguan families, new investments and jobs, and transfer technology from China to Nicaragua."Nicaragua President Daniel Ortega called the agreement "the best Christmas present" in a 22 December 2023 speech.Nicaragua has faced economic sanctions from the U.S., Canada, the U.K., and the E.U. as a result of anti-democratic moves made by Ortega, who has served as president of the country for 17 ...

Source: Seafoodsource