The trade agreement between Ecuador and China, which will gradually exempt 99% of Ecuadorian exports to China from tariffs, is scheduled to enter into force on May 1. Sonsoles García, the Minister of Production and Foreign Trade of Ecuador told the Ecuadorian news media Expreso that this date had been agreed with the Chinese Government. This treaty, signed in May 2023 and ratified last month by President Daniel Noboa, seeks to facilitate access to the Chinese market, the main destination for Ecuador's non-oil exports, concentrating 26% of the country's exports in 2023, according to data from the Federation of Exporters of Ecuador (Fedexpor).
Currently, to enter the Chinese market, Ecuador's exportable supply faces tariffs amounting to $140 million. With the implementation of this agreement, a significant reduction in these costs is expected as the tariffs are eliminated. In addition, the treaty also contemplates the entry of some Chinese products into Ecuador without tariff barriers. However, the agreement excludes 826 highly sensitive subheadings from this relief process, including textiles, footwear, flat ceramics, white goods, and metallurgical products.
Source: expreso.ec