National flags of China and Ecuador Photo: VCG

China and Ecuador officially entered into free trade agreement (FTA) negotiations, the Ministry of Commerce (MOFCOM) announced on Sunday, following the summit meeting between the top leaders of the two countries.

Chinese Minister of Commerce Wang Wentao recently inked a memorandum of understanding with Julio José Prado, minister of Production, Foreign Trade, Investments and Fisheries of Ecuador, marking the official launch of the free trade negotiations, MOFCOM said.

The top leaders of the two nations met in Beijing on Saturday, issuing a joint statement on deepening bilateral relations.

According to the statement, the two nations agreed to launch negotiations on reaching a free trade agreement, tapping into each other's trade potential, optimize value chains, promote trade and investment liberalization, in addition to the facilitate and promote sustained and diversified development of bilateral trade, while continuing to deepen cooperation in a variety of fields including digital economy and green development.

Bilateral economic and trade cooperation has been booming in recent years, with bilateral trade in 2021 reaching $10.95 billion, up 44.5 percent over the previous year. China has been Ecuador's second largest trade partner for two consecutive years. 

Global Times