China and Ecuador Sign FTA

On May 11, 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 Free Trade Agreement is the 20th free trade agreement signed by China, and Ecuador has become China's 27th free trade partner and China's fourth free trade partner in Latin America after Chile, Peru and Costa Rica.

In terms of tariff concessions for trade in goods, the two sides have reached a mutually beneficial and win-win result on a high-level basis. According to the concession arrangement, China and Ecuador will mutually cancel tariffs on 90% of tax items, of which about 60% of tax items will cancel tariffs immediately after the agreement takes effect.

In terms of exports that foreign traders are generally concerned about, Ecuador will implement zero tariffs on China's main export products. After the agreement takes effect, China-made plastic products, chemical fibers, steel products, mechanical appliances, electrical equipment, furniture decoration, automobiles and parts When most products enter the Ecuadorian market, the tariffs will be gradually reduced and eliminated on the basis of the current 5%-40%.