Chinese Minister of Commerce Wang Wentao and Ecuadorian Minister of production, foreign trade, investment and Fisheries Julio Prado recently signed the memorandum of understanding between the Ministry of Commerce of the people's Republic of China and the Ministry of production, foreign trade, investment and Fisheries of the Republic of Ecuador on launching the negotiation of China Ecuador free trade agreement, officially launching the negotiation of China Ecuador free trade agreement. In recent years, China Ecuador economic and trade cooperation has achieved remarkable results and bilateral trade has increased significantly. In 2021, China Ecuador bilateral trade totaled US $10.95 billion, an increase of 44.5% year-on-year. China has become Ecuador's second largest trading partner for two consecutive years. In mid September 2021, Ecuador and Ecuador launched the joint feasibility study of the free trade agreement and completed it in January 2022. The negotiation and signing of the free trade agreement will help further tap the potential of China Ecuador bilateral trade and promote the sustained, stable and diversified development of bilateral trade. [source: Information Office of the Ministry of Commerce]