Momentum is picking up toward a free trade agreement between Ecuador and China that could increase trade and strengthen the relationship between the two nations. Ecuador's leaders are eager to move forward with the agreement, which promises to boost bilateral trade. There are high expectations that an FTA could help swell Ecuador's exports to China by 30 percent within the first three years, about $2 billion above current levels.
Highlighting the importance of the FTA for the government, Ecuador's Congress created a commission, in charge of regulating the agreement and pointing to a willingness to open the country up.
"For the banana sector, an agreement with China would make us double our exports," said Jose Antonio Hidalgo, the executive director at the Association of Banana Exporters of Ecuador, in a statement. He said Ecuador exported bananas worth $156.62 million in 2020, a 29 percent decrease compared to 2019. "In addition, we have not been able to grow due to the 10 percent tariff we levied on China."
Source: chinadaily.com.cn