Ecuador President Guillermo Lasso said on Tuesday the country has sealed a free trade deal with China, an agreement expected to increase exports and boost growth in the South American country's industrial sector.
"Good news to start 2023. The negotiation between China and Ecuador has been successfully concluded," Lasso tweeted.
With the deal, Ecuadorean exports will have preferential access to China, and the South American country's manufacturers will be able to acquire machinery and inputs at lower costs, Lasso added. "This trade agreement will allow preferential access for 99% of Ecuador's current exports to China, especially agricultural and agro-industrial products such as shrimp, bananas, roses and flowers, cocoa, coffee," Ecuador's production ministry said in a statement.Lasso has previously said the deal would secure an additional $1 billion in Ecuadorean exports to China. He did not offer updated figures on Tuesday.
Between January and October 2022, Ecuadorean non-oil exports to China totaled $4.9 billion, a figure higher than any other nation with which Ecuador does export business.with Chinese banks, providing relief worth some $1.4 billion until 2025. Reporting by Carolina Pulice in Mexico City and Yuri Garcia in Guayaquil; Editing by Matthew Lewis and Bill Berkrot
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. and China spar over military aircraft intercept over South China SeaThe U.S. and its allies have painted a picture of a Chinese military that is wildly audacious in asserting Beijing's territorial claims.
Read more »
Sen. Patty Murray becomes first female president pro temporeThe president pro tempore ranks second under the president of the Senate — the vice president — and presides over the floor in the vice president’s absence.
Read more »
Trade underperformance of China may extend – TD SecuritiesPreviewing the upcoming data releases from China, analysts at TD Securities said that they think the trade underperformance may extend as external dem
Read more »
Brazil's Lula sworn in as president while predecessor Bolsonaro leaves countryBrazil's Luiz Inácio Lula da Silva was sworn in as president on Sunday, and in his first address expressed optimism about plans to rebuild while pledging that members of outgoing Jair Bolsonaro's administration will be held to account.
Read more »