Gustavo Cáceres, president of the Ecuador-China Chamber of Commerce, said in an exclusive interview with Xinhua News Agency on the 17th that the Ecuador-China Free Trade Agreement will benefit Ecuador a lot.
The third chief negotiator meeting of the China-Ecuador Free Trade Agreement was held via video on the 16th, and the two sides confirmed the end of the free trade agreement negotiations.
Cáceres said that the conclusion of the free trade agreement negotiations between Ecuador and China is a step towards the signing of the agreement. "The agreement will bring many benefits to Ecuador in terms of reducing and exempting tariffs in the future. The Chinese market contains huge opportunities and has the world's largest Consumer groups."
Cáceres said that the free trade agreement will facilitate Ecuador's exports to China, open the door for Ecuador's non-traditional products to be exported to China, and further expand Ecuador's exports to China in the medium and long term.
According to data from the Ministry of Commerce of China, the bilateral trade volume between China and Ecuador will reach a record US$13 billion in 2022, an increase of nearly 20% over the previous year.
Negotiations on the China-Ecuador Free Trade Agreement will start in February 2022. After the formal signing of the free trade agreement, Ecuador will become the fourth Latin American country to sign a free trade agreement with China after Chile, Costa Rica and Peru.
