(Reuters) – Ecuador has reached a free trade deal with China that is expected to boost exports and boost growth in the South American nation’s industrial sector, President Guillermo Lasso said on Tuesday.
“Good news begins 2023. Negotiations between China and Ecuador have successfully concluded,” Lasso tweeted.
As Russo added, under the deal, Ecuador’s exports will have priority access to China, while manufacturers in the South American country will be able to obtain machinery and inputs at lower costs.
Ecuador began negotiations with Beijing in February .
Lasso had previously said the deal would boost Ecuador’s exports to China by $1 billion. He did not provide an update on Tuesday.
Last year Ecuador reached an agreement with the Bank of China to restructure its debt, providing relief worth around $1.4 billion until .