CHINA and former Taiwan ally Nicaragua signed a wide-ranging free trade deal this week as both countries want to deepen economic ties.
Chinese Minister of Commerce Wang Wentao and Laureano Ortega, Advisors on Investment, Trade, and International Cooperation at the Nicaraguan President’s Office, signed the agreement via video link.
The free trade deal signing Marks Nicaragua as China’s 28th Global Free Trade partner and fifth in Latin America after Chile, Peru, Costa Rica, and Ecuador.
Under the agreement, the final zero-tariff products between the two countries account for more than 95 percent of the total tax items.
Products that enjoy zero tariffs include automobiles, motorbikes, batteries, photovoltaic modules, clothes and textiles from the Chinese side, and beef, shrimp, and coffee produced by Nicaragua.
China and Nicaragua initiated the free trade negotiations in July 2022 and completed the negotiations in one year.
