Trade agreement between Ecuador and China put on hold after President Lasso’s decision
The trade agreement signed between Ecuador and China on May 10 is currently facing uncertainty following President Guillermo Lasso’s decision to dissolve the opposition-led National Assembly through the issuance of the decree of cross death. This has raised concerns about the ratification of the agreement, as the Minister of Government, Henry Cucalón, stated that it cannot enter into force during this period. However, he expressed confidence that the next National Assembly, which will be installed after the upcoming elections, will vote in favor of ratifying the agreement.
The decision by President Lasso has generated concerns within the Ecuadorian export sector, particularly regarding the fate of the trade agreements with China and Costa Rica. In response, business leaders are urging the Constitutional Court to ratify the agreements without waiting for the new National Assembly to be installed. The negotiation of the agreement with China took 10 months, and China is the primary destination for Ecuador’s non-oil exports, with the market experiencing a significant growth rate of 57%.
Top headline:
Caracol Radio. Mella, C. (2023, 23 de mayo). Acuerdo comercial Ecuador – China quedó en el limbo tras muerte cruzada.
Find out more:
El Comercio. (2023, 24 de mayo). ¿Qué pasará con los acuerdos comerciales de Ecuador?