China and Ecuador have signed a memorandum of understanding to start negotiations on a free trade treaty that will make it possible to promote their comprehensive strategic association, official sources reported.

According to the Ministry of Trade, the memorandum was signed during the visit paid by Ecuadorian President Guillermo Lasso to this country.

This free trade treaty should double Ecucador’s exports to China and thus increase the shipment of products such as shrimps, bananas and cocoa, among others.

Last year, that actitivity grew by 9 percent and generated 3.299 billion dollars.

Official talks between Lasso and his counterpart, Xi Jinping, concluded with a joint statement in which they committed to optimizing value chains, promoting liberalization and facilitation of trade and investment and promoting the sustained, stable and diversified development of bilateral trade.

Both presidents agreed to strengthen cooperation to fight the Covid-19 pandemic and work together to deepen China-CELAC (Community of Latin American and Caribbean States) relations under the principles of equality, mutual benefit, innovation, liberalization and welfare of peoples.