Ecuadorian President Guillermo Lasso said on Tuesday that his government’s negotiations with China’s for a FTA They were successfully completed, thanks to which he hopes to increase exports and guarantee employment in his manufacturing industry.
In mid-December, the president reported that the trade pact was “practically closed” after talks that lasted ten months, and said that the step will mean an additional $1 billion in sales to the Asian giant.
“Good news to start 2023. The negotiation of the FTA between China and Ecuador has been successfully completed,” Lasso said on his Twitter account. “Our exports will have preferential access to the largest market in the world, our industries will be able to acquire machinery and supplies at lower costs,” he added.
Over the past decade, China has become Ecuador’s main financial partner with million-dollar loans tied to long-term crude oil delivery contracts, freely available loans, and million-dollar investments in hydroelectric y mining.
Last year, the Andean country reached an agreement to restructure its debt with Chinese banks, providing some $1.4 billion in relief through 2025.
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