China, Ecuador launch free trade negotiations

(ECNS) -- China and Ecuador have officially launched negotiations on free trade agreement, China's Ministry of Commerce said Sunday.

Chinese Minister of Commerce Wang Wentao recently signed a memorandum of understanding (MoU) with Julio José Prado, minister of Production, Foreign Trade, Investments and Fisheries of Ecuador, according to the ministry.

Both sides have seen increasing trade cooperation in recent years. Trade volume between the two countries in 2021 reached $10.95 billion, a year-on-year increase of 44.5 percent. China has been the second largest trade partner of Ecuador for two years in a row.

A joint feasibility study on free trade launched by China and Ecuador began in September 2021 and finished in January 2022.

The free trade agreement will help further tap the potential between both sides, and promote the sustainable, steady and diverse development of bilateral trade, according to the ministry.