Economy

Markets

Industries

Insights

Reports

Events

China signs cooperation agreements with Ecuador

(Xinhua)
Updated: 2009-02-14 14:25

China and Ecuador on Friday signed four agreements of cooperation worth $25 million as part of both countries' efforts to strengthen ties and deepen mutual trust.

The agreements, signed by visiting Chinese Vice Premier Hui Liangyu and Ecuadorian Vice President Lenin Moreno, "will be of reciprocal benefit for both countries," Hui said.

As part of the agreements, China granted a credit line to Ecuador of 50 million yuan (about $7.3 million) to increase trade in agricultural products and investment in the country's agricultural sector.

The agreements also include an arrangement between the State Bank of Ecuador and the China Development Bank that will offer a credit of $18 million for the Ecuadorian side to finish the Ground Terminal Quitumbe, located in the south of Quito.

Moreno said Hui's visit contributes to strengthening bilateral ties and the agreements are expected to contribute to the economic development of Ecuador amidst the global economic downturn.

Meanwhile, Moreno announced that Ecuadorian trade offices will soon be established in the Chinese cities of Shanghai and Guangzhou to further expand trade with China.

The two sides launched a range of pragmatic cooperation projects after Ecuadorian President Rafael Correa visited China in November 2007.

Bilateral trade volume increased to a record of $2.38 billion in 2008, double that in 2007.

Hui arrived in Quito on Thursday for an official visit at the invitation of the Ecuadorian government after wrapping up a trip to Argentina. He was scheduled to leave Saturday for the Galapagos Islands before he visits Barbados.