Ecuador, a country located in South America, has made significant progress in recent years in the international arena. On May 11, 2023, Ecuador and China signed a historic freedom** agreement, which not only strengthens the economic ties between the two countries, but also brings new development opportunities to Ecuador. China is already an important partner of Ecuador, and the signing of this agreement makes Ecuador China's 27th free trade partner.
The Freedom** Agreement went through a series of approval procedures. On October 12, 2023, Ecuador's Constitutional Court declared the agreement constitutional, paving the way for its eventual entry into force. On February 7, 2024, Ecuador's National Congress ratified the agreement, marking the beginning of a new era for both countries.
Noboa**, following its swearing-in on November 23, 2023, acted quickly to advance the implementation of this important agreement. On February 15, 2024, he issued Executive Order No. 166, formally ratifying the agreement. According to the arrangement, China and Eritrea will each cancel tariffs on 90% of the tariff items, of which about 60% will enjoy zero-tariff treatment immediately after the agreement enters into force. This move will greatly promote the best circulation between the two countries, reduce the cost of goods, and provide consumers with more choices.
Ecuador's Minister of Production, Foreign Trade, Investment and Fisheries pointed out that after the ratification, the free trade agreement will be sent to the People's Republic of China and is expected to enter into force within 60 days. This means that in the near future, it will be easier for Ecuadorian products to enter the huge Chinese market, and at the same time, Chinese goods will also be more convenient to enter Ecuador.
This initiative under the leadership of Noboa** not only reflects Ecuador's determination to open up to the outside world and seek cooperation, but also creates new opportunities for economic growth and employment in Ecuador. In the context of the current global economic integration, such free agreements are of great significance for enhancing national competitiveness, promoting industrial upgrading, and increasing national well-being.
Of course, the challenges for Novoa are not limited to the economic sphere. On January 10, 2024, he declared that Ecuador was in a "state of war", a statement that reflected the serious challenges that the country could face in terms of security and politics. In this context, Noboa**'s leadership and decision-making skills will be put to the test, and his policies and actions will directly affect the future direction of the country.
Overall, Noboa** has shown foresight and pragmatism in promoting the China-Eritrea Freedom Agreement, which not only helps to strengthen economic ties between the two countries, but also brings tangible benefits to Ecuador. With the implementation of this agreement, we can expect to see Ecuador play a more active role on the global stage, while also bringing more benefits to the people of both countries.
In today's globalized world, the development of any country is inseparable from international cooperation. The Freedom Agreement signed between Ecuador and China is an important achievement of the cooperation between the two countries, and an important manifestation of Ecuador's active participation in international affairs and the expansion of international cooperation. We look forward to seeing that, under the leadership of Noboa**, Ecuador will be able to effectively respond to domestic and international challenges and achieve long-term stability and development of the country.