Overview: The China Ecuador Free Trade Agreement opens the "door of opportunity" for high-quality goods in Ecuador

Quito, December 12 (Xinhua) -- Summary | The China Ecuador Free Trade Agreement opens the "door of opportunity" for high-quality goods in Ecuador

Xinhua News Agency reporter Liao Siwei

Since the implementation of the China Ecuador Free Trade Agreement on May 1st this year, thanks to measures such as tariff reduction and trade facilitation, Ecuador's high-quality goods exports to China have shown an upward trend, and bilateral economic and trade cooperation has yielded fruitful results. Eritrean producers and exporters say that the free trade agreement opens the "door of opportunity" for Eritrean products such as Kirin fruit, bananas, shrimp, etc. They look forward to deepening cooperation with China and allowing more Chinese consumers to recognize and love the unique products of the "Equatorial Country".

According to data from the General Administration of Customs of China, the bilateral trade volume between China and Ecuador from May to October this year was about 7.585 billion US dollars, an increase of about 8.43% compared to the same period in 2023. Among them, China's imports from Ecuador were about 4.407 billion US dollars, an increase of about 12.77% year-on-year.

Palolla, located in the Morona Santiago province in central southern Ecuador, is one of the main production areas for Kirin fruit. Producer Fernando Castillo told Xinhua News Agency that the company exported the first batch of 500 kilograms of Kirin fruit to Shanghai in July this year, and the market response was good. In December, the company increased the export volume of the second batch to 2.5 tons.

The Chinese market attaches great importance to product quality, and the large and sweet juice of Ecuadorian Kirin fruit meets the Chinese consumers' pursuit of high-quality life. Castillo said that after the export volume increased significantly, he began to cooperate with other local farmers to meet the growing demand of the Chinese market.

The banana industry has also felt the dividends brought by the China Ecuador Free Trade Agreement. Eduardo Manrique, Executive Director of the Ecuadorian Banana Exporters Association, stated in an interview with Xinhua News Agency that the signing of the free trade agreement between the two countries was a "very correct decision", and thanks to a series of measures such as tariff reductions, the entry of Ecuadorian bananas into the Chinese market has become "more smooth".

Not only fresh bananas, but their processed products are also very popular in China, "Manrick said. Chinese consumers' love for banana snacks and frozen goods has led local banana exporters to find new business opportunities.

Gustavo Casseles, President of the Ecuador China Chamber of Commerce, said that since the implementation of the Ecuador China Free Trade Agreement, traditional goods from Ecuador have performed well in the Chinese market, which has built confidence for more non-traditional goods to enter the Chinese market. As the free trade agreement continues to advance, Ecuador's overall export vitality to China will also continue to increase

Casseres said that the Chinese market is developing rapidly and consumer demand is constantly increasing, which will promote the pursuit of product quality by Eritrean manufacturers and promote the healthy development of the local production industry.

Milton Reyes, Director of the China Studies Center at the National Institute of Advanced Studies in Ecuador, believes that after the opening of the port of Chancay in Peru, South American trade with China has ushered in new growth opportunities. Qian Kai Port is expected to significantly reduce the time for Eritrean export goods to arrive in China, "Reyes said. In the long run, Qian Kai Port will form synergy with the Eritrea China Free Trade Agreement to jointly promote the development of economic and trade between Eritrea and China.