Exports between China and Ecuador to increase due to trade deal
2023.01.03 13:51
Exports between China and Ecuador to increase due to trade deal
Budrigannews.com – Guillermo Lasso, Ecuador’s president, said on Tuesday that the country has signed a free trade agreement with China. This agreement is expected to increase exports and boost industrial sector growth in the South American nation.
“The good news begins in 2023. “The negotiation between Ecuador and China has been concluded successfully,” Lasso tweeted.
Lasso went on to say that as a result of the agreement, Ecuadorian exports will have priority access to China, and the South American nation’s manufacturers will be able to acquire machinery and inputs at lower prices.
In February 2022, Ecuador began negotiations with Beijing.
Lasso previously stated that the agreement would secure an additional $1 billion in Chinese exports from Ecuador. On Tuesday, he did not provide any updated figures.
Ecuador and Chinese banks agreed to restructure its debt last year, providing $1.4 billion in relief until 2025.
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