On May 11, Minister of Commerce Wang Wentao and Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador Prado formally signed the "Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Ecuador" via video on behalf of their respective governments.
Negotiating and signing the China-Ecuador Free Trade Agreement is an important consensus reached by the leaders of the two countries. The negotiations started in February 2022, and after one year of efficient negotiations, they were announced to end in February 2023. Through the free trade agreement, China and Ecuador will achieve a high level of mutual opening up, create a more favorable, convenient, transparent and stable business environment for enterprises, further stimulate the potential of trade and investment cooperation between the two countries, and promote the all-round improvement and upgrading of China-Ecuador economic and trade cooperation. Promote the sustainable, stable and diversified development of bilateral trade, and continuously improve the well-being of the people and enterprises of the two countries.
After the signing of the agreement, the two sides will implement their respective domestic procedures to promote the early entry into force and implementation of the agreement.