Ecuador plans to sign the trade agreement with China on May 10

Published May 2, 2023

Tridge summary

Ecuador is planning to sign a trade agreement with China on May 10, 2023, which will result in 99.6% of Ecuadorian exports entering China with a 0% tariff. The agreement will be signed virtually due to logistical reasons and is part of a series of trade agreements that Ecuador has recently signed or is in the process of negotiating with other countries. The tuna industry, being the second largest producer in the world, contributes significantly to Ecuador's economy and is expected to obtain a sustainability certificate for skipjack tuna soon. The industry is committed to reducing incidental fishing and has seen a growth of 7.9% in 2022 compared to the previous year, with sales exceeding 1,270 million dollars.

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Original content

Ecuador plans to sign the trade agreement with China next Wednesday, as announced by the Minister of Production, Julio José Prado, in his speech at the celebration of World Tuna Day, which was held at the Wyndham hotel in Guayaquil. The signing will take place on Wednesday, May 10, 2023 in a meeting that will be virtual, but that will bring together the authorities in Beijing and Quito. "The event will be at 7:00 p.m. (Ecuador time) in China, our Ecuadorian ambassador will represent us. We will be present as a Chamber in Quito. Due to a logistical matter, it was decided to sign virtually," Gustavo Cáceres explained to Diario EXPRESO, President of the Ecuadorian China Chamber of Commerce. Cáceres stressed that one of the benefits of the trade agreement with China is that 99.6% of Ecuadorian exports will enter the Asian country with a 0% tariff. "The market will be opened to new products for export. In the case of imports, 70% of capital goods, inputs and raw materials come from ...

Source: Expreso