Ecuador keen to embrace more bilateral trade

QUITO－Ecuadorian President Guillermo Lasso has spoken highly of the free trade agreement negotiations between Ecuador and China, saying that increasing exports to China will generate growth opportunities for his country.

Lasso, who concluded his official visit to China last week, made the remarks at a news conference on Wednesday, where he elaborated the benefits of the negotiations for Ecuador.

Chinese Commerce Minister Wang Wentao and Ecuadorian Minister for Production, Foreign Trade, Investment and Fisheries Julio Prado recently signed a memorandum of understanding, marking the start of bilateral FTA negotiations.

"The global economy is a reality," Lasso said. "I believe that sooner or later we would reach this point with China."

The president emphasized the need to improve and diversify exports beyond top products such as pitahaya, or dragon fruit.

"Selling more shrimp and more bananas to China means more employment in Ecuador. These markets will be strengthened," he said.

"I believe that a small country like Ecuador with 17.7 million inhabitants has many opportunities in that large market of 1.4 billion inhabitants. It is very positive for Ecuador."

While its bumpy recovery from the COVID-19 pandemic does not allow for a great economic leap to enhance employment, Ecuador may "find a positive path in China" toward growth through increasing trade openness, he said.

As only 3 out of 10 Ecuadoreans have formal jobs, one of the challenges facing the government is to gear up employment, thus making it urgent to increase exports and attract investment.

In recent years, economic and trade cooperation between China and Ecuador has achieved remarkable results with significant growth in bilateral trade, according to a statement by China's Ministry of Commerce earlier this week.

China has been Ecuador's second-largest trading partner for two consecutive years. Last year, bilateral trade totaled $10.95 billion, up 44.5 percent year-on-year.

The signing of a free trade agreement will further tap into the potential of bilateral trade and promote Ecuador's sustained, stable and diversified development.

Xinhua