China and Nicaragua Speed Up Implementation of Free Trade Deal
Xinhua News Agency
DATE OF NEWS:
July 13, 2022
On 12th July, China’s Commerce Minister and Nicaraguan Foreign Minister, representing their respective countries, signed the early harvest arrangements (EHA) for a bilateral free trade agreement (FTA) via video link on Tuesday. The two officials also announced the beginning of FTA negotiations between the two countries.
On the same day, China and Nicaragua signed a memorandum of understanding to officially establish an economic and trade cooperation mechanism between the two governments, which marks the establishment of the bilateral intergovernmental economic and trade cooperation mechanism.
The signing of the early harvest arrangements, together with the beginning of FTA negotiations, is an important outcome in bilateral economic and trade cooperation since the two countries resumed diplomatic relations. The objective of EHA is to facilitate the bilateral exchange of agriculture-related goods by establishing preferential tariffs.
China and Nicaragua have made significant progress on bilateral economic and trade cooperation. From January to May, Nicaragua's exports to China increased by 128.9 percent year on year.