El Salvador and China begin negotiations for FTA
Photo: Freepik.
El Salvador and the People’s Republic of China have officially begun negotiations for the signing of a Free Trade Agreement (FTA) between both countries.
Last Tuesday, April 16, the official start of negotiations between both nations was announced during a virtual conference between the Salvadoran Minister of Economy, María Luisa Hayem, and the Vice Minister of Commerce of China, Wang Shouwen.
In November 2022, the Chinese embassy in El Salvador had reported its intention to negotiate such an agreement with El Salvador, with whom it has just five years of diplomatic relations. That same month, Salvadoran President Nayib Bukele claimed that it would be a “quick” process, with the intention of establishing its validity as soon as possible.
The Chinese vice minister highlighted that China is El Salvador’s third trading partner, behind the United States and Guatemala, and that last year alone the exchange of merchandise and goods between the two countries reached US$1.8 billion. Coffee and sugar were two of the main products to enter the Chinese market from the Central American country.
It is expected that the negotiating teams can work together to mediate concerns, establish objectives and goals to approve the agreement.
El Salvador hopes that this will be an agreement that has “innovative provisions” around issues such as intellectual property, services and investment, economic cooperation, and small and medium-sized businesses.
“This is one of the most ambitious and complete negotiations that El Salvador has undertaken in recent years,” said the Minister of Economy, María Luis Hayem, during the virtual conference.
Over the last few years, El Salvador has been a beneficiary of non-refundable loans from China, developing mainly infrastructure issues, such as Sunset Park, the National Library and two projects that are due to begin development soon, namely the National Stadium and the Ilopango Water Treatment Plant.
Know the main source:
El Salvador y China avanzan para establecer tratado de libre comercio | Voz de América. (2024, Abril 17). https://www.vozdeamerica.com/a/el-salvador-y-china-avanzan-para-establecer-tratado-de-libre-comercio/7573426.html
Other related sources:
Destacan en El Salvador negociación de TLC con China | Prensa Latina. (2024, Abril 17). https://www.prensa-latina.cu/2024/04/17/destacan-en-el-salvador-negociacion-de-tlc-con-china/
El Salvador y China lanzan la negociación para un TLC | La Prensa Gráfica. (2024, Abril 16). https://www.laprensagrafica.com/economia/El-Salvador-y-China-lanzan-la-negociacion-para-un-TLC-20240416-0083.html
El Salvador y China inician negociaciones para un tratado de libre comercio | Excelsior. (2024, Abril 16). https://www.excelsior.com.mx/global/el-salvador-y-china-inician-negociaciones-para-un-tratado-de-libre-comercio/1646944