2024-03-03 04:39:19
President Daniel Noboa ratified the Free Trade Agreement (FTA) with China. This February 15, 2024, the President issued Executive Decree 166 to continue with the process that will end in the validity of the trade agreement.
In a statement issued today it is stated that Noboa ratified in its entirety the content of the Free Trade Agreement. “This decision comes into effect as of February 15, 2024, through the signing of the Decree.”
To this, the Executive added that this represents a door of unprecedented commercial opportunities for Ecuador. “China, as one of the largest and most dynamic markets, becomes a strategic destination for Ecuadorian non-oil exports,” the statement says.
Yesterday, the Minister of Production, Sonsoles García, explained the mechanism for the agreement to come into force. After the Executive’s pronouncement, the next step is to send the decision to the Chinese Government diplomatically.
“According to what the Treaty establishes, it would have to come into force 60 days after ratification by both countries,” García said. However, it is possible that both countries reach an agreement so that the trade agreement can be implemented sooner. In Government calculations, this entire process could take 90 days.