China-Ecuador free trade agreement to take effect on May 1

BEIJING, April 29 (Xinhua) -- The free trade agreement (FTA) between China and Ecuador will go into effect on May 1 as both countries have completed respective domestic approval processes, the Chinese Ministry of Commerce (MOC) announced Monday.

The implementation of the FTA will unleash the potential of trade and investment between the two countries, promote comprehensive upgrading of bilateral economic and trade cooperation, and bring benefits to enterprises and people in both countries, the MOC said.

According to the deal signed in May 2023, approximately 90 percent of the products traded between China and Ecuador will be exempted from tariffs, while about 60 percent of them will enjoy zero tariffs immediately.