Quito, May 1 (Xinhua) — Overview | Free Trade Agreement Helps Accelerate China Ecuador Economic and Trade Cooperation
On May 1st, the first anniversary of the China Ecuador Free Trade Agreement coming into effect. Since the implementation of the agreement, products such as Eritrean bananas and Kirin fruit have accelerated their entry into the Chinese market and gained a large number of “fans”; Chinese made machinery, electrical equipment, automobiles, and components are also rapidly expanding their influence in the Ecuadorian market. People from all walks of life in Ecuador and China believe that the free trade agreement has stimulated the potential for economic and trade complementarity between the two countries, promoted market connectivity and integration, and injected strong momentum into the sustained economic growth of the two countries.
According to data released by the General Administration of Customs of China, the bilateral trade volume between China and Ecuador in the first quarter of this year was 3.915 billion US dollars, an increase of 34.17% compared to the same period in 2024. Among them, China’s imports from Ecuador amounted to 2.339 billion US dollars, an increase of 42.8% year-on-year.
Magali Kesedo, President of the Ecuador China Chamber of Commerce, said in an interview with Xinhua News Agency that the Ecuador China Free Trade Agreement achieved remarkable results in its early years, thanks to measures such as tariff reductions and trade facilitation. Traditional goods such as bananas and cocoa produced in Ecuador have gradually gained a foothold in the Chinese market.
White shrimp is one of Ecuador’s main export commodities. Jos é Antonio Camposano, President of the National Aquaculture Association of Ecuador, told reporters that currently, Ecuadorian white shrimp accounts for over 70% of China’s imported shrimp market and is achieving diversified exports. He believes that the free trade agreement not only promotes bilateral trade exchanges, but also deepens the institutional cooperation between the two countries in customs clearance, quarantine and other aspects.
To better utilize this agreement, local manufacturers need to improve product quality and increase their adaptability to Chinese quarantine standards in order to stand out in the fierce market competition, “Camposano said.
In February of this year, Ecuador exported canned tuna to China for the first time with zero tariffs. Zhang Pengxiang, a director of the Eritrean Chinese Chamber of Commerce, believes that this not only marks the successful opening of the Chinese market for high value-added products such as tuna, but also makes Manta, known as the “World Tuna Capital,” one of the strategic centers for economic development in Eritrea. He said that after the relevant phytosanitary protocols come into effect, products such as Eritrean blueberries and avocados will also be available to Chinese consumers.
After the free trade agreement comes into effect, when most products such as Chinese made cars and parts enter the Ecuadorian market, the import tariffs on the Ecuadorian side will gradually be reduced from the current 5% to 40% to zero. The latest report from the Association of Automobile Industry Enterprises in Ecuador shows that BYD’s electric vehicle sales in Ecuador increased by 150.4% in the first quarter of this year compared to the same period last year, ranking first on the electric vehicle sales chart. Chinese brands such as Yutong and Chery are also sought after locally.
Ma Wenjie, President of the Ecuadorian Chinese Enterprises Chamber of Commerce, stated that in addition to electric vehicles, the free trade agreement also promotes Chinese enterprises to invest in energy, mining and other fields in Ecuador, empowering Ecuador’s natural resource endowment with Chinese technology and significantly enhancing local industrial competitiveness. The agreement has established a stable, transparent, and mutually beneficial cooperation framework for enterprises from both countries through institutional arrangements, promoting high-quality economic and trade cooperation, “said Ma Wenjie.
Fang Hao, the Commercial Affairs Counsellor of the Chinese Embassy in Ecuador, stated that China is the world’s largest importer of agricultural products. By continuously expanding market access and frequently holding exhibitions and other exchange activities, it provides broad cooperation opportunities for local enterprises in Ecuador. We look forward to the two countries’ enterprises taking advantage of the ‘East Wind’ of the free trade agreement to make bilateral trade go further and faster, “said Fang Hao.