Ecuador is expecting a planned trade deal with China to increase commerce between the two countries by about 35%, though the South American country will seek to protect some local industry, Exterior Commerce Minister Julio Jose Prado said on Sunday.
The two countries on Saturday said they would seek to reach a trade deal by the end of the year. The announcement was made during a state visit to China by Ecuadorean President Guillermo Lasso.
China became Ecuador’s top lender over the past decade, with millions of dollars in long-term credit tied to the handover of crude oil, large investments in hydro-electric and mining projects and other loans. China is a leading buyer of Ecuadorean products including shrimp and bananas and a major importer to the Andean country.
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