Trade agreement between Ecuador and China put on hold after President Lasso鈥檚 decision

Photo: Ministro de Relaciones Exteriores Comercio e Integraci贸n Ricardo Pati帽o se reuni贸 con el Ministro de Comercio de China Chen Deming. By: Canciller铆a Ecuador. Source: WikiCommons.

The trade agreement signed between Ecuador and China on May 10 is currently facing uncertainty following President Guillermo Lasso鈥檚 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 Cucal贸n, 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鈥檚 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 qued贸 en el limbo tras muerte cruzada.

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El Comercio. (2023, 24 de mayo). 驴Qu茅 pasar谩 con los acuerdos comerciales de Ecuador?