The Customs Tariff Commission (CTC) of the State Council has recently issued the Announcement on Implementing Tariff Rates under the Free Trade Agreement on Certain Imported Goods Originating from Ecuador (the "Announcement").
According to the Announcement, upon consultation between China and Ecuador, the Free Trade Agreement Between the Government of the People's Republic of China and the Government of the Republic of Ecuador (the "FTA") will become mutually effective as of May 1, 2024. To fulfil relevant commitments concerning tariff concessions under the FTA, the CTC of the State Council clarifies that, starting from May 1, 2024, certain imported goods originating from Ecuador will be subject to tariff rates under the FTA. The implementation of the FTA will unleash the potential of bilateral trade and investment cooperation between China and Ecuador and bring the economic and trade cooperation between the two countries to a higher level.