The President of Ecuador issued an executive order to ratify the China-Ecuador free trade Agreement

Views: 1     Author: Site Editor     Publish Time: 2024-02-18      Origin: Site


Recently, Ecuadorian President Guillaume Novoa issued Executive Order No. 166, ratifying the Ecuadorea-China Free Trade Agreement. Under the Ecuadorian Constitution, international instruments must be signed or ratified by the President. China is Ecuador's second largest trading partner. On May 11, 2023, China and Ecuador officially signed a free trade agreement, and Ecuador became China's 27th free trade partner. After the signing of the agreement, the two countries will go through their respective domestic legal approval procedures. On October 12, 2023, Ecuador's Constitutional Court declared the agreement constitutional. On February 7, 2024, the Eritrean National Assembly ratified the Free Trade Agreement with China. According to the tariff reduction arrangement of trade in goods in the Agreement, China and Ecuador will mutually eliminate tariffs on 90% of the tax items, of which about 60% of the tax items will be eliminated immediately after the entry into force of the agreement. The Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador said that the free trade agreement between Ecuador and China will be sent to the People's Republic of China by the Ministry of Foreign Affairs after being approved by the president. Following the ratification process in both countries, the agreement will take effect within 60 days.

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