[ad_1]
Chinese commerce minister Wang Wentao and Ecuadorian minister for production, foreign trade, Investment and fisheries Julio Prado recently signed a memorandum of understanding (MoU), marking the start of free trade agreement (FTA) negotiations. Ecuadorian President Guillermo Lasso, who concluded his China visit last week, stressed on the need to diversify exports.
“Selling more shrimp and more bananas to China means more employment in Ecuador. These markets will be strengthened,” Lasso was quoted as saying in a press conference by official Chinese media.
“I believe that a small country like Ecuador with 17.7 million inhabitants has many opportunities in that large market of 1.4 billion inhabitants. It is very positive for Ecuador,” Lasso added.
Chinese commerce minister Wang Wentao and Ecuadorian minister for production, foreign trade, Investment and fisheries Julio Prado recently signed a memorandum of understanding, marking the start of free trade agreement negotiations. Ecuadorian President Guillermo Lasso, who concluded his China visit last week, stressed on the need to diversify exports.
Since only three out of 10 Ecuadorians have formal jobs, one of the challenges facing the Ecuadorian government is to gear up employment, making it urgent to increase exports and attract investment.
China has been Ecuador’s second-largest trading partner for two consecutive years. In 2021, bilateral trade totalled $10.95 billion, up 44.5 per cent year on year.
Fibre2Fashion News Desk (DS)
[ad_2]
Source link
