El Salvador and China begin FTA negotiations 

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By LatAm Reports Editorial Team

Both countries have committed themselves to establishing a working table to define the General Framework for Negotiationsvable to define the General Framework for Negotiations. This framework will include the general principles that will govern the talks, as well as the modalities and a detailed roars

Minister Hayem emphasized that the first step in this process will be to establish and agree on the terms of reference of the negotiation. This will involve identifying the negotiating groups, the languages to be used and the documents valid for the process. In the interview, the minister also highlighted recent economic announcements, such as the opening of Google’s offices, underlining the relevance of NAFTA negotiations with China.

The representative of International Trade and Deputy Minister of Commerce of China, Wang Shouwen, joined Hayem in announcing the start of these negotiations. He highlighted the rapid development of bilateral relations in recent years, with an emphasis on economic and trade achievements.

According to Shouwen, El Salvador has been actively involved in Chinese imports, with products such as coffee and sugar.

On the other hand, China’s ambassador to El Salvador, Zhang Yanhui, stressed that this treaty will not only strengthen economic and cooperative relations between the two nations, but will also enhance investment opportunities in the country. The tariff cut is expected to benefit Salvadoran families, including lowering the cost of living and generating more employment and business opportunities.

China’s commercial expansion in Latin America in recent decades has gone from $7 billion to $64 billion, but it is predicted that at the pace it can reach $70 billion over the next 13 years, according to an analysis by the Center for International Studies of the Pontifical Catholic University of Chile (CEIUC) on the rise of the Asian country in the continent that took place in 2022.

This article has been translated from the original which first appeared in El Salvador