The negotiation of China Nicaragua free trade agreement was officially launched!

The negotiation of China Nicaragua free trade agreement was officially launched!
On July 12, 2022, on behalf of the two governments, Minister of Commerce Wang Wentao and Nicaraguan foreign minister Moncada signed the arrangement between the government of the people's Republic of China and the government of the Republic of Nicaragua on the early harvest of the free trade agreement by video, jointly announcing the start of the negotiation of the China Nicaragua comprehensive free trade agreement; The memorandum of understanding between the government of the people's Republic of China and the government of the Republic of Nicaragua on the establishment of a mixed Commission on economic, trade and investment cooperation was signed by the two governments via video on behalf of the two governments, formally establishing a bilateral intergovernmental economic and trade cooperation mechanism.
Wang Wentao said that since the resumption of diplomatic relations between China and Nepal, under the personal care and guidance of the leaders of the two countries, the two sides have made joint efforts to efficiently promote bilateral economic and trade cooperation in various fields and achieved fruitful and practical results. From January to may 2022, the trade volume between China and Nepal bucked the trend, with Nepal's exports to China increasing by 128.9% year-on-year, fully demonstrating the dividend of resumption. Signing the "early harvest" arrangement of the China Nepal free trade agreement and launching the negotiation of the China Nepal comprehensive free trade agreement is another important achievement of bilateral economic and trade cooperation since the resumption of diplomatic relations, laying a solid foundation and adding impetus to the sustainable development of bilateral relations. The establishment of the China Nepal economic and trade mixed committee mechanism provides a platform for the communication and coordination of economic and trade affairs between the two governments, and provides assistance for the two countries to further improve the quality and level of bilateral trade and strengthen investment and economic cooperation in various fields. China is willing to take this opportunity to work with Nigeria to translate the complementary advantages of the two countries' economies into more concrete achievements as soon as possible, and promote the deepening and implementation of China Nepal economic and trade cooperation.
The Nigerian side said that Nicaragua abides by the one China principle and is willing to continue to strengthen bilateral relations with China. Since the resumption of diplomatic relations, China Nepal bilateral trade has increased significantly and economic cooperation has been deepened, which fully reflects the common political will of both sides. The signing of the "early harvest" arrangement and the start of the negotiation of the China Nepal comprehensive free trade agreement will further give play to the economic complementarity of the two sides and promote the mutually beneficial economic and trade cooperation between the two sides to a new level. The establishment of the China Nepal mixed economic and Trade Committee mechanism will further promote investment and trade between the two countries and help both sides cooperate on an equal and mutually beneficial basis. Nigeria is willing to work with China to promote the early implementation of relevant agreements to benefit the two peoples.
Li Fei, Assistant Minister of Commerce, Chen Xi, Chinese ambassador to Nigeria, Acosta, Minister of finance of Nigeria, and Bermudez, Minister of development, industry and trade, attended the event.
Previously, Yu Benlin, director of the International Department of the Ministry of Commerce, had held the first video conference with Nigeria on the negotiation of China Ecuador free trade agreement on April 26, 2022.

Import and foreign trade agency

The population engaged in agriculture, forestry and fishery in Nicaragua accounts for about one third of the total labor force and contributes one fifth of the gross national income. The main crops in China are corn, beans, rice and sorghum, and the livestock products are cattle products. The export products are mainly livestock products, beverages, aquatic products, sugar and sugar. In 2020, the export volume was US $780million, US $530million, US $290million and US $180million respectively, accounting for 31.2%, 21.2%, 11.6% and 7.2% of the export volume of agricultural products respectively. According to the breakdown of agricultural products, it mainly includes beef of 540million US dollars, coffee of 440million US dollars, sugar of 150million US dollars and shrimp of 150million US dollars.