China and Ecuador officially signed the Free Trade Agreement via video on May 11, the first free trade agreement signed by Ecuador and Asian countries. It is that the China-Ecuador Free Trade Agreement includes a preamble and 17 chapters, through which the two sides will a high level of mutual opening and promote China-Ecuador economic and trade cooperation in all aspects. The agreement is limited to trade in goods, excluding investment and services.

In accordance with the free trade agreement concession arrangements, the two sides will abolish tariffs on 90% of the tax items each other, of which about 60% will abolish tariffs immediately after the agreement comes into force. In goods trade tariff concessions, customs procedures and trade facilitation, investment cooperation and many other aspects, mutually beneficial and win-win arrangements will greatly promote economic and trade exchanges between the two sides and promote economic development.

Chinas zero tariffs on products will cover Ecuadors main exports.When Ecuador-produced bananas, shrimp, fish, fish oil, flowers and dried flowers, cocoa and coffee products enter the Chinese market, tariffs will be gradually reduced from the current 5% to 20% to zero.in,Goldfish and sardines will immediately enter the Chinese market with zero tariffs, while roses and cocoa will be reduced to zero tariffs in five years, and shrimp and bananas will be reduced to zero in 10 years..

At the same time, Ecuador will also impose zero tariffs on major Chinese exports.When most of Chinas plastic products, chemical fibers, electrical equipment, automobiles and parts enter the Ecuadorian market, tariffs will be gradually reduced on the basis of the current 5% to 40% and cancelled..

In Ecuador, there are more than 11,000 companies with trade relations with China, of which about 600 are exporters.The signing of the Free Trade Agreement will enable these companies to further expand the market and increase trade benefits.