China-Ecuador announced that the two sides would expand cooperation in business, investment and other fields, and hope to sign a free trade agreement (FTA) by the end of 2022.
Chinese Minister of Commerce Wang Wentao and Ecuadorian Minister of Production, Foreign Trade, Investment and Fisheries Julio Prado recently signed the Memorandum of Understanding of the Launching of the China-Ecuador Free Trade Agreement Negotiations. The negotiation of the China-Ecuador Free Trade Agreement was officially launched.
According to the International Trade Center, Ecuador could export an additional $908 million in shrimp to China if the FTA is opened, added Juan Carlos Diaz-Granados, president of the Guayaquil Chamber of Commerce.
“Considering that we are talking about a country with more than 1.4 billion inhabitants, the signing of the free trade agreement will mean an important opportunity for Ecuadorian products,” Camposano said.
According to previous reports, China’s total imports of Ecuadorian shrimp in 2021 increased by 19% to 379,000 tons. This increases Ecuador’s share of China’s total shrimp imports from 59% in 2020 to 62% in 2021. Additionally, Ecuador’s shrimp exports surged to more than $5 billion in 2021, marking its best year ever, according to CNA. At this point, coupled with the fact that the farm price per kilo of shrimp has risen by almost $1 year-on-year in January, the industry is very optimistic about its long-term future.
