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China and Ecuador sign free trade agreement

June 12, 2023

On May 11, 2023, the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Ecuador was officially signed.

The China-Ecuador FTA is the 20th FTA that China has signed with other countries, and Ecuador has become China's 27th FTA partner and China's fourth FTA partner in Latin America after Chile, Peru and Costa Rica.

In terms of tariff concessions on trade in goods, the two sides have reached mutually beneficial and win-win results at a high level. According to the concessionary arrangement, China and Ecuador will each eliminate tariffs on 90% of the tax items, of which about 60% of the tax items will be eliminated immediately after the entry into force of the agreement.

In terms of exports of common concern to foreign trade people, Ecuador will implement zero tariffs on major Chinese exports. After the agreement comes into force, the tariffs on most products made in China, such as plastic products, chemical fibers, steel products, machinery and appliances, electrical equipment, furniture decoration, automobiles and spare parts, will be gradually reduced from the current 5% to 40% when they enter the Ecuadoran market.