Ecuador’s National Assembly on Wednesday approved the free trade agreement between Ecuador and China, according to local authorities.
China is Ecuador’s second-largest trading partner. China and Ecuador formally signed the free trade agreement on May 11, 2023, making Ecuador China’s 27th free trade partner.
The approval marks the completion of all legal approval procedures for the agreement on the Ecuadorian side.
According to the agreement, China and Ecuador will cancel tariffs on 90 percent of tax items from each other, of which about 60 percent will be canceled immediately after the agreement comes into effect.