On January 1, 2024, the China-Nicaragua Free Trade Agreement officially entered into force. The signing of the agreement on August 31, 2023 is a milestone in the development of China-Nepal bilateral economic and trade relations, which is conducive to further stimulating the potential of bilateral trade and investment cooperation, promoting the upgrading of cooperation, and better benefiting the enterprises and people of the two countries. In an exclusive interview with a reporter from China Central Station, a number of Nicaraguan government officials said that they are full of expectations for the entry into force of the free trade agreement to promote trade cooperation between the two countries.
Laureano Ortega, Advisor to the President of Nicaragua on Investment, Trade and International Cooperation: We want to be able to show better Nicaraguan products to the Chinese market, and we firmly believe that China has great potential as a source of Nicaraguan imports.
Jesús Bermúdez, Minister of Industry and Trade of Nicaragua: I hope that the entry into force of the free trade agreement between China and Nicaragua will continue to deepen trade and investment between the two countries and truly achieve mutual benefit.
Ivan Acosta, Minister of Finance and Public Credit of Nicaragua: The FTA signed with China is a qualitative leap for the mainland, a major opportunity and an opening up. China has opened its doors to us, and we believe that access to this huge market will allow us to grow rapidly.
According to the China-Nepal FTA arrangement, the two sides will achieve high-level mutual openness in the fields of trade in goods, trade in services and investment market access. In terms of trade in goods, the two sides will eventually implement zero tariffs on products exceeding 95% of their respective tariff lines. In terms of trade in services, this agreement is the first free trade agreement on the mainland to open up cross-border trade in services and investment in the form of a negative list.
Source: CCTV news client