Ecuador and China sign seven agreements


The governments of China and Ecuador signed seven agreements in the areas of cooperation, trade and security last Friday. The agreements came as part of an official visit by the Chinese Minister of Commerce to Ecuador.

The official press release from the Ecuadorian Ministry of Foreign Affairs and Integration as translated by us is as follows:

“As part of a busy agenda that spread throughout the day, the Minister of Commerce of the People’s Republic of China, Chen Deming, who is on official visit to Ecuador, met with President Rafael Correa and the Minister Ricardo Patiño. The appointment today (Friday) ended with the signing of seven agreements in the areas of cooperation, trade and security.

Accompanied by the Director General of the Development Bank of China, Guo Mingshe, and a delegation comprising 25 strategic investors from different sectors of the economy such as petroleum, mining, alternative energy, infrastructure, technology, agriculture and other services, the Minister of Commerce People’s Republic of China began his first official visit to Ecuador.

During the appointment China expressed its willingness to establish a car factory in Ecuador, for it is a distributor to the entire region.

China also signed agreements with the private sector to purchase Ecuadorian seafood, cocoa and bananas to the amount of USD 33 million, and the delegation of the Republic pledged to expedite Chica processes that facilitate the entry of products such as mango, lemon, pineapple, pitahaya, among others.

Moreover, the Chinese minister expressed his country’s commitment to solve problems facing the Ecuadorian banana market in phytosanitary measures and in that pursuit the Quality Agency of the Republic of China (AQSIQ) will visit Ecuador from 13 to 26 October.

In addition, the two countries signed a technical and economic cooperation, which includes a donation to Ecuador of 30 million yuan (USD 4.7 million), and an exchange of letters on the donation of two container scanning equipment worth at 42 million yuan (USD 6.5 million). It was also agreed that through Exim Bank the award of a concessional credit line for about $ 80 million for the expansion of the Simon Bolivar Avenue en route to the New Quito Airport (NQIA).

The Chinese government has expressed interest in creating a direct commercial flight between Ecuador and China, to promote economic, trade and tourism, for which Southern Company undertook to send a technical team to analyze the airway.

The Ecuadorian side presented to the Government of the PRC a legal framework governing trade, investment and production in Ecuador. It also signed a Memorandum of Understanding on Cooperation between the National Water Secretariat (SENAGUA) and the Institute of Design, Planning and Research of the Yangtze River.

Attended by the Ministers of Foreign Affairs, Trade and Integration, Ricardo Patiño, Coordinator of Strategic Sectors, George Glass, Coordinator of Production, Employment and Competitiveness, Santiago Leon, Safety, Homero Arellano, Deputy Minister of Foreign Trade and Economic Integration, Francisco Rivadeneira and Ambassador of Ecuador in the PRC, Leonardo Arízaga, among other authorities.

In addition, the Ministers of State of the two countries agreed to launch a feasibility study of bilateral trade with a view to initiating a process of negotiating a commercial agreement, allowing Ecuador to increase exports to China and attract investment to the country for strategic projects.”

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