The Ministry of Production, Foreign Trade, Investment and Fisheries of Ecuador announced the Free Trade Agreement (FTA) with China will be effective from May 1, fulfilling all predetermined criteria and timelines. This FTA is anticipated to foster a significant job creation and boost Ecuador's non-oil exports to China by $3 billion to $4 billion in the forthcoming years.
The agreement grants Ecuadorian exports preferential access to the Chinese market, which comprises 1.4 billion consumers. It also entails the immediate and phased cancellation of tariffs on 99.6% of Ecuadorian exports over a decade. Products like dragon fruit, which is currently subjected to a 20% tariff, will benefit from tariff elimination.
This agreement also presents enhanced prospects for a variety of foods including pineapple, papaya, avocado, blueberries, mango, asparagus, and broccoli. It aims to level the playing field with Ecuador's neighbors and other Asian competitors in the Chinese market.
Source: ecuadortimes.net