General

Chinese Minister of Commerce Wang Wentao and Ecuadorian Minister of Production, Foreign Trade, Investment and Fisheries Julio Prado recently signed the "Ministry of Commerce of the People's Republic of China and the Ministry of Production, Foreign Trade, Investment and Fisheries of the Republic of Ecuador on Launching the China-Ecuador Free Trade Agreement Negotiations" The Memorandum of Understanding to formally launch the China-Ecuador Free Trade Agreement negotiations.

In recent years, the economic and trade cooperation between China and Ecuador has achieved remarkable results, and bilateral trade has grown significantly. In 2021, the total bilateral trade between China and Ecuador will reach US$10.95 billion, a year-on-year increase of 44.5%. China has become Ecuador's second largest trading partner for two consecutive years. In September 2021, China and Ecuador will launch a joint feasibility study on the free trade agreement, which will be completed in January 2022. The negotiation and signing of the free trade agreement will help to further tap the potential of bilateral trade between China and Ecuador, and promote the sustainable, stable and diversified development of bilateral trade.