November 19, 2010

Ecuador-China trade pact leads to larger fishmeal exports

Government representatives of Ecuador and China have signed an agreement in Quito for a US$20-million trade pact that provides for the sale of fishmeal from Ecuador to eight Chinese companies.

The agreement was signed by Deputy Minister of Foreign Trade and Integration of Ecuador, Francisco Rivadeneira, and Chinese Vice Minister of Commerce Zhong Shan.

Zhong said that in the past two years, bilateral trade increased steadily. And in 2010, it grew by 10% compared to last year.

"Ecuador has become the tenth largest trading partner of China in Latin America today," Zhong said.

"China hopes that the Ecuadorians do more promotion in our country to attract investment into this Latin American country. Meanwhile, China welcomes Ecuadorian investment," he added.

He recalled that China's investment in Ecuador has reached US$2.2 billion and are concentrated in the sectors of infrastructure, communication, and energy, Chinese media reported.

Zhong traveled to Ecuador with a group of Chinese business executives, among which are the COFCO Corporation, Sinochem, General Corporation for Foreign Personnel Services of China (CNSC), the General Corporation for Agricultural Development Group of China, China National Light Industrial, and China Chengtong Holdings Group Ltd.

During the stay, employers met with 16 local counterparts, linked to the seafood industry, among others.

Ecuadorian Foreign Minister Ricardo Patiño, who participated in those meetings, said the goal is to strengthen commercial relations, and to reduce the trade gap with China.