Ecuador and China sign a trade agreement that includes 99.6% of the country's supply

Published 2023년 5월 11일

Tridge summary

A virtual trade agreement between Ecuador and China, covering 99.6% of Ecuador's exportable supply, was signed by the Minister of Production, Julio José Prado, and his Chinese counterpart, Wang Wentao, in a joint virtual event. The deal aims to boost exports of products like pitahaya, bananas, quinoa, and shrimp to China, while also making tariff-free imports of items such as cell phones, cameras, and hard drives from China. The agreement excludes around 800 products to protect sensitive local industries. This deal marks China as the second largest trading partner for Ecuador for three consecutive years and the primary destination for its non-oil exports.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

With a virtual toast. On the night of this May 10, 2023, the Minister of Production, Julio José Prado, and his Chinese counterpart, Wang Wentao, signed the trade agreement between the two nations. Through a virtual event, Prado sealed the treaty from the Marriott Hotel in Quito, accompanied by the President of the Republic, Guillermo Lasso. Prado pointed out that the treaty includes 99.6% of the Ecuadorian exportable supply and highlighted products such as pitahaya, bananas, quinoa or shrimp have growth potential in the Asian giant. “Achieved in record time, in 10 months of negotiation. It is the trade agreement negotiating more efficiently by Ecuador and China," said Prado. On the other hand, tariff-free products such as cell phones, cameras, hard drives, etc. will enter from China. A total of 800 products such as textiles, shoes, flat ceramics, tires, among others, have been excluded from the trade agreement to protect sectors considered sensitive in the local industry. The ...

Source: Expreso