Wang Wentao, Minister of Commerce of China, and Julio Prado, Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador recently signed the "Memorandum of Understanding between the Ministry of Commerce of the People's Republic of China and the Ministry of Production, Foreign Trade, Investment and Fisheries of the Republic of Ecuador on Launching China-Ecuador Free Trade Agreement Negotiations", officially launching the China-Ecuador Free Trade Agreement negotiations.

　　In recent years, the economic and trade cooperation between China and Ecuador has achieved remarkable results, and the bilateral trade has grown significantly. In 2021, the total bilateral trade between China and Ecuador will reach US$10.95 billion, a year-on-year increase of 44.5%. China has become Ecuador's second largest trading partner for two consecutive years. In September 2021, China and Ecuador launched a joint feasibility study on a free trade agreement, which will be completed in January 2022. Negotiating and signing a free trade agreement will help to further tap the potential of bilateral trade between China and Ecuador, and promote the sustained, stable and diversified development of bilateral trade.