The economic and trade cooperation between China and Ecuador is undergoing comprehensive improvement and upgrading

Ecuador is an important economic and trade partner of China in Latin America, a source of imports of agricultural, fishery, energy and mineral products, and an important partner in the joint construction of the "the Belt and Road". On May 11th, the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Ecuador (hereinafter referred to as the China Ecuador Free Trade Agreement) was officially signed. Experts generally say that the China Ecuador Free Trade Agreement will further stimulate the potential of trade and investment cooperation between the two countries, and promote the comprehensive improvement and upgrading of China Ecuador economic and trade cooperation.
The agreement has milestone significance
The negotiation of the China Ecuador Free Trade Agreement was initiated in February 2022, and after one year of efficient negotiations, it was announced to be concluded in February 2023. After the agreement was officially signed, Ecuador became China's 27th free trade partner and China's fourth free trade partner in Latin America after Chile, Peru, and Costa Rica. Meanwhile, this is also the first free trade agreement signed between Ecuador and Asian countries.
Chen Yuanting, associate researcher of the Latin American Institute of the Chinese Academy of Social Sciences, said in an interview with the China Trade Daily that the FTA is a milestone for China and Ecuador to further deepen bilateral relations and expand cooperation in the economic and trade field, and also adds substantive connotation to the comprehensive strategic partnership between the two countries. In addition, the current world economic situation is complex, and many Latin American countries have a positive willingness to develop bilateral trade cooperation with China. Ecuador's signing of a free trade agreement with China expresses the confidence of Latin American countries in developing cooperation with China and achieving mutual benefit and win-win results through actions.
The head of the International Department of the Ministry of Commerce stated that the signing of the China Ecuador Free Trade Agreement is a concrete measure to implement the "high-level opening up to the outside world" proposed by the 20th National Congress of the Communist Party of China, and is the latest practice to expand the global network of high standard free trade zones. The China Ecuador Free Trade Agreement will create a more favorable, convenient, transparent, and stable business environment for enterprises in both countries, promote the sustained, stable, and diversified development of bilateral trade, and continuously enhance the well-being of the people and enterprises of both countries. At the same time, the signing of the China Ecuador Free Trade Agreement also reflects the common will and firm determination of the two countries to promote trade liberalization and facilitation, sending a positive signal to the international community to support multilateralism and free trade, and promote global economic stability and recovery.
On the same day, the Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador, Julio Prado, stated at the signing event that the signing of the Free Trade Agreement between Ecuador and China is of historic significance and will expand opportunities for economic and trade cooperation between the two countries, promote the development of bilateral trade, and bring tangible benefits to Ecuador. China has a huge market with a population of 1.4 billion, and the signing of this agreement is good news for Ecuador's exporters, producers, and consumers. On the one hand, the free trade agreement will help improve the competitiveness of Ecuador's agriculture and manufacturing industries, further promoting the diversification of Ecuador's exports, such as exporting more categories of tropical fruits to China; On the other hand, Ecuador can also import industrial raw materials and acquire technology from China at lower prices.
Stimulating the Potential of Trade and Investment Cooperation
The reporter learned that the China Ecuador Free Trade Agreement includes a preface and 17 chapters. In the field of goods trade and related rules, it includes national treatment and market access of goods, rules of origin and implementation procedures, customs procedures and trade facilitation, trade remedies, sanitary and phytosanitary measures