Important milestone! China and this country have officially signed a free trade agreement

The reporter learned from the Ministry of Commerce that today (August 31st), China and Nicaragua officially signed a free trade agreement. The China Nepal Free Trade Agreement is the 21st free trade agreement signed by China with foreign countries. Nicaragua is China's 28th free trade partner and China's fifth free trade partner in Latin America after Chile, Peru, Costa Rica, and Ecuador.
China and Nepal launched negotiations on the free trade agreement in July 2022. Afterwards, the working teams of both sides conducted intensive consultations and advanced the negotiations at a high speed and standard, completing the negotiations within a year.
The head of the International Department of the Ministry of Commerce of China introduced that the rules of the text of the China Nepal Free Trade Agreement fully reflect high level, modernity, and inclusivity. For the first time, China has signed a free trade agreement that opens up cross-border trade in services (including financial services) and investment through a negative list.
The final zero tariff products of both China and Nepal account for over 95% of the total tax items. The products that enjoy zero tariff treatment include Chinese cars (including new energy vehicles), motorcycles, batteries, photovoltaic modules, clothing and textiles, as well as Nigerian beef, shrimp, coffee, cocoa, etc.
The signing of the Free Trade Agreement is an important milestone in the history of China Nepal bilateral economic and trade relations, which is conducive to continuously releasing the dividends of the resumption of diplomatic relations between the two countries, further stimulating the potential of bilateral trade and investment cooperation, promoting the upgrading of China Nepal economic and trade cooperation, and benefiting the two countries and their people. After the agreement is signed, both parties will fulfill their respective domestic procedures to promote the early entry into force and implementation of the agreement.