China-Ecuador free trade agreement takes effect

The free trade agreement (FTA) between China and Ecuador has become effective on Wednesday, aiming to unleash the potential of trade and investment between the two countries and promote upgrading of bilateral economic and trade cooperation.

According to the agreement, China and Ecuador will cancel tariffs on 90 percent of tax items, of which about 60 percent will be canceled immediately after the agreement comes into effect.

When most Chinese products such as plastic products, chemical fibers and steel products enter the Ecuadorian market, Ecuador's import tariffs will be gradually cut to zero from the current five to 40 percent.

When Ecuador's major export products such as bananas, shrimps, fish and fish oil enter the Chinese market, China's import tariffs will be gradually reduced from the current five to 20 percent to zero.

China and Ecuador signed the FTA in May 2023, after a year of negotiations, making Ecuador China's 27th free trade partner, and China's fourth FTA partner in Latin America, after Chile, Peru and Costa Rica.

China is Ecuador's second-largest trading partner. In 2022, bilateral trade reached 13.1 billion U.S. dollars, up 19.7 percent year on year, according to data from the General Administration of Customs.

China-Ecuador free trade agreement takes effect

China-Ecuador free trade agreement takes effect

The Zhuhai port of the Hong Kong-Zhuhai-Macao Bridge has handled over 10 million inbound and outbound passenger trips so far this year, up more than 120 percent compared to last year, according to the latest figures released on Tuesday.

The data marks a record high since the port's opening in 2018, as reported by the Zhuhai border inspection station of the bridge, which is the world's longest bridge-and-tunnel sea crossing.

During the period, the total number of Hong Kong and Macao passengers surpassed six million, up over 126 percent year on year and accounting for more than 60 percent of all passengers.

Since the beginning of this year, customs have registered more than one million vehicle crossings with single local license plates from China's two Special Administrative Regions (SARs) of Hong Kong and Macao.

Previously, only vehicles with special dual license plates were allowed to drive between Hong Kong or Macao and the mainland.

The 55-kilometer-long bridge links China's Hong Kong SAR, the city of Zhuhai in south China's Guangdong Province, and the Macao SAR, and has brought tremendous economic opportunities and benefits to the Guangdong-Hong Kong-Macao Greater Bay Area since it opened to traffic in 2018.

Hong Kong-Zhuhai-Macao Bridge sees record-high passenger traffic