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China-Ecuador FTA to be effective from May 1
29 Apr '24
1 min read
Pic: Adobe Stock
Insights
- The China-Ecuador free trade agreement (FTA) will become effective from May 1 as domestic approval processes are over on both sides, China has announced.
- According to the FTA signed in May 2023, nearly nine-tenths of the products traded between both countries will be exempt from tariffs, while about 60 per cent of them will immediately enjoy zero tariffs.
The China-Ecuador free trade agreement (FTA) will become effective from May 1 as domestic approval processes are over on both sides, the Chinese commerce ministry announced recently.
The FTA signed in May 2023 is expected to promote comprehensive upgrading of bilateral economic and trade cooperation, and benefit enterprises and people on both sides, the ministry said.
According to the FTA, nearly nine-tenths of the products traded between China and Ecuador will be exempt from tariffs, while about 60 per cent of them will immediately enjoy zero tariffs, a state-controlled news outlet reported.
Fibre2Fashion News Desk (DS)
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