On May 10 and 11, 2023 – due to the time difference – Ecuador and China signed a Free Trade Agreement focused on the commercial exchange of goods and e-commerce.
During 2022 Ecuador exported to China around US$5,823 million in products such as shrimp, lead and copper concentrate, other mining products, bananas, balsa, wood, cocoa, among others. China exported to Ecuador approximately US$6,353 million in products including metal products, vehicles, automobiles, cell phones, computers, among others.
Once the treaty enters into force, Ecuador's products will have access to a market of 1.4 billion consumers and will be subject – for the most part – to immediate tariff relief. Ecuador's tariff relief for Chinese products is subject to percentages and deadlines depending on the goods. With this, Ecuador will compete with countries such as Peru and Central America that already have a treaty with the Asian country.
The treaty will become effective once it complies with the respective legal process, which includes the pronouncement of the Constitutional Court, approval by the National Assembly, and publication in the Official Gazette.
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