On May 11, the governments of China and the Republic of Ecuador formally signed a free trade agreement. Ecuador has become China's 27th free trade partner and China's fourth free trade partner in Latin America after Chile, Peru and Costa Rica.

According to the tariff reduction arrangement for trade in goods in the agreement, China and Ecuador will mutually cancel tariffs on 90% of the tax items, of which about 60% of the tax items will cancel tariffs immediately after the agreement takes effect. China's zero-tariff products will fully cover Ecuador's main export products. After the agreement takes effect, when Ecuador's products such as bananas, white shrimp, fish, fish oil, fresh flowers and dried flowers, cocoa and coffee enter the Chinese market, the tariffs will increase from the current 5 %-20% gradually reduced to zero.

On average, Ecuadorian products need to pay a 15% tariff when entering the Chinese market. The tariff reduction and exemption in the free trade agreement will greatly promote the trade between the two countries. Among them, white shrimp and bananas will be exempted from tariffs within 10 years, and tariffs on cocoa and flowers will be gradually reduced within 5 years.