On May 11, Wang Wentao, Minister of Commerce and Julio José Prado, Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador, on behalf of their respective governments, officially signed via video link the Free Trade Agreement between the Government of the People’s Republic of China and the Government of the Republic of Ecuador.

Signing the China-Ecuador free trade agreement is an important consensus reached between Chinese and Ecuadorean leaders. Negotiations on the FTA were launched in February 2022. After one year of efficient consultation, the two sides announced the conclusion of the negotiations in February 2023. With the FTA, China and Ecuador will achieve high-standard opening-up to each other, foster a more preferential, enabling, transparent and stable business environment, further tap the potential of bilateral trade and investment cooperation, upgrade China-Ecuador commercial cooperation on all fronts and facilitate the sustained, steady, diversified development of bilateral trade to the benefit of the peoples and businesses on both sides.

After signing the agreement, the two sides will go through their respective domestic procedures for the agreement to enter into force at an early date.