The China-Ecuador Free Trade Agreement will take effect in May, and the countdown to zero tariffs on bananas and unicorn fruits will be

Published 2024년 3월 20일

Tridge summary

Ecuador's Minister of Production and Foreign Trade, Sonsoles García, has confirmed that a free trade agreement with China will commence on May 1. The agreement, signed in May 2023 and approved by the Ecuadorian President in February, will eliminate 90% of tax items between the two nations, with 60% of these tariffs being immediately removed. This will lead to 99% of Ecuador's exports to China, including agricultural products like shrimp, bananas, flowers, cocoa, and fruits, being tariff-free in stages, significantly boosting Ecuador's export sector.

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Original content

According to Ecuadorian media reports, Ecuador’s Minister of Production and Foreign Trade Sonsoles García said that the free trade agreement is scheduled to take effect on May 1. The agreement was officially signed on May 11, 2023 and approved by the President of Ecuador in February this year. China is Ecuador's second most important export market. Ecuador's exports to China in 2023 will be US$5.672 billion, second only to the United States. According to the tariff reduction arrangement for trade in goods in the agreement, China and Ecuador will mutually cancel 90% of tax items. Tariffs on about 60% of the tax items will be eliminated immediately after the agreement takes effect. 99% of Ecuador's exports to China will achieve zero tariffs in stages, among which products such as kirin fruit will immediately achieve zero tariffs for export to China. China's zero-tariff products will fully cover Ecuador's main export products. After the agreement takes effect, when Ecuadorian ...

Source: Guojiguoshu