The Free Trade Agreement (FTA) between the republics of Nicaragua and China is on the verge of consolidation and implementation. The nations finalized the Substantial Conclusion of the Negotiations of the historic bilateral trade agreement in development.
The high representatives of the Latin American and Asian countries, respectively, announced this important advance in the creation of the new FTA, highlighting the strengthening of the strategic commercial ties on which their relations are directed.
Long-term strategic bilateral relations between Nicaragua and China
In statements made during a videoconference between the Nicaraguan and Chinese delegation, the head of the Ministry of Commerce of the Asian giant, Wang Wentao, highlighted the importance of the strengthening of relations with Nicaragua.
Since the resumption of diplomatic relations between China and Nicaragua, under the personal attention of President Xi Jinping and President Daniel Ortega, the two countries have managed to resolve the fruitful ones in various fields of cooperation and economic and trade cooperation has made a good start and has entered a good stage of development,» said the Chinese high representative.
Wang Wentao took the opportunity to say that the Asian government is willing to make «the relationship between the two countries a model of friendship and cooperation», taking into account that China emphatically values strategic and long-term bilateral relations.
In the same vein, the Nicaraguan Minister of Industrial Development and Trade (Mific), Jesús Bermúdez, said: The Government of Nicaragua sees the People’s Republic of China as a strategic partner, a partner who will come to help in the efforts that today our Government makes to eradicate poverty, increase the standard of living of our population and make our country one of the most prosperous economies in Central America, Latin America and the Caribbean.
China-Nicaragua FTA represents a path full of opportunities
Bermúdez explained that they are sure that the Free Trade Agreement will promote a new impetus to bilateral trade between China and Nicaragua, and will be «the beginning of a path full of opportunities for both countries and fraternal peoples».
“I have the honor to announce that the Republic of Nicaragua and the People’s Republic of China have achieved the substantial conclusion of the FTA negotiations between our countries, which have been negotiated on the basis of World Trade Organization rules, taking into account the principle of mutual benefit and where the main protagonists will be our fraternal peoples,» said the Nicaraguan representative.
In addition, he explained that they negotiated almost 80% of the agreement in a virtual way: however, the frankness, reliability, cooperation and flexibility in which the FTA was negotiated, allowed the negotiation teams of both parties to perform an agile, effective work and legally consistent in record time, achieving an instrument of reliability for the development of our bilateral relations, specified Bermúdez.
Relationship of brotherhood of both nations
Also, the presidential adviser for the Promotion of Investment, Trade and International Cooperation of the Government of Nicaragua, Laureano Ortega, during the virtual meeting, thanked the Asian government and the Communist Party of China for «the high priority, the great attention they give to this relationship of brotherhood».
In that sense, he stressed that the Substantial Conclusion of the Free Trade Agreement (FTA) Negotiations between the two nations has been achieved thanks to the relationship of brotherhood that exists between China and Nicaragua
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Here is the Sandinista government, fulfilling the Nicaraguan people to open markets, strengthen ties of brotherhood and cooperation with the peoples of the world and especially with the sister People’s Republic of China, which opens its doors to Nicaraguan products and we opened the doors for the products of this great country with the aim of generating mutual benefit, of complementing ourselves and in Nicaragua to follow that example that China has given of eradicating extreme poverty,» said Ortega.
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Nicaragua’s Minister of Finance and Public Credit, Iván Acosta, also emphasized that «this is an extraordinary moment for the people of Nicaragua, for the economic agents, protagonists, the official conclusion of the negotiation of the Free Trade Agreement between the People’s Republic of China and the Republic of Nicaragua».
The China-Nicaragua Free Trade Agreement «could be ready in August 2023» for signature, Nicaraguan authorities recently reported.