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Constitutional Court of Ecuador approves trade agreement with China

Quito, Nov 1 (Prensa Latina) The Constitutional Court of Ecuador issued a favorable opinion on the trade agreement with China, a ruling celebrated today by the Minister of Production, Foreign Trade, Investments and Fisheries, Daniel Legarda.

“The strategic and transparent trade agenda, worked on with the entire productive sector, lays the foundations for a better Ecuador. “Excellent news that should continue for the benefit of the country in the next National Assembly,” said the headline in a video published on platform X, formerly Twitter.

The agreement with the Asian giant is considered one of the most important reached during the government of Guillermo Lasso, according to Legarda, since China is the main destination for Ecuador’s non-oil exports.

It is now up to the National Assembly (parliament), which will be installed on November 20, to review and decide whether the agreement, signed in May of this year, comes into force.

The agreement received some criticism, due to the inequality of trading with one of the largest economies in the world and how that could affect national production.

However, the Corporation of Exporters Guilds of Ecuador (Cordex) reacted positively and pointed out that this pact is an advance in the competitiveness and sustainability of exports, it implies alternatives to reduce costs and improve productivity.

The negotiations between Quito and Beijing took 10 months to reach the agreement that includes 99.6 percent of the Ecuadorian exportable supply, which can reach China without tariffs if it receives the approval of the legislature.

ef/rgh/avr

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