China, Ecuador officially launch free trade agreement negotiations



China and Ecuador have signed a memorandum of understanding (MoU) on launching negotiations toward a free trade agreement, China's Ministry of Commerce said Sunday.

The two sides have had growing trade in recent years. In 2021, the bilateral trade volume jumped 44.5 percent year on year to $10.95 billion and China has been Ecuador's second-largest trade partner for two consecutive years, according to the statement.

The negotiation of the free trade agreement will help to further tap the potential of bilateral trade between China and Ecuador, and promote the sustainable, stable and diversified development of bilateral trade, the statement said.