Ecuador President Guillermo Lasso said on Tuesday the country has sealed a free trade deal with China, an agreement expected to increase exports and boost growth in the South American country's industrial sector.
"Good news to start 2023. The negotiation between China and Ecuador has been successfully concluded," Lasso tweeted.
With the deal, Ecuadorean exports will have preferential access to China, and the South American country's manufacturers will be able to acquire machinery and inputs at lower costs, Lasso added.
"This trade agreement will allow preferential access for 99% of Ecuador's current exports to China, especially agricultural and agro-industrial products such as shrimp, bananas, roses and flowers, cocoa, and coffee," Ecuador's production ministry said in a statement.
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