Nicaragua & China Sign Free Trade Agreement

In a virtual ceremony, Nicaragua and the People’s Republic of China made history with the signing of the Free Trade Agreement (FTA) that will allow a better and greater commercial and economic exchange between the two nations.

Nicaragua was represented by Laureano Ortega Murillo, Presidential Advisor for the Promotion of Investments, Trade and International Cooperation; the Minister of Finance and Credit, Iván Acosta and the Minister of Public Works, Industry and Commerce, Jesús Bermúdez. The Chinese delegation headed by Mr. Wang Wentao, head of Chinese Commerce.

Laureano Ortega Murillo expressed on behalf of the Government of Reconciliation and National Unity that it was a historic day.

“The signing of the Free Trade Agreement between Nicaragua and China will mark a before and after for the Nicaraguan people. It opens the doors to a huge market and will allow us to link up with the companies and businessmen of this sister country”, indicated Ortega Murillo.

“We are convinced that this will generate economic and social benefits for Nicaraguan families, new investments, the creation of more jobs, the transfer of technologies from China to Nicaragua. It will also provide the opportunity for a greater presence of China in Nicaragua and we reiterate that Nicaragua must be considered by China as a commercial platform for the entire Central American region”, he added.

The Presidential Adviser said that they welcome companies and businessmen from the People’s Republic of China, which will be provided with all the facilities and incentives provided by Nicaraguan law to invest in the country and to promote commercial exchange. .

He pointed out that the relations between the two countries are based on mutual respect and on recognizing each other as allies and strategic partners, and this is the only way to explain why they have managed to complete the FTA negotiations in just one year.

“Both governments and peoples have recognized the importance of strengthening commercial exchange as a fundamental piece to solidify the ties of cooperation and friendship. On behalf of the President of the Republic of Nicaragua, Commander Daniel Ortega Saavedra and the Vice President of the Republic of Nicaragua Compañera Rosario Murillo, the President of the People’s Republic of China, brother, comrade Xi Jinping and the Communist Party of China for the attention so special that they give to the relationship with Nicaragua,” he asserted.

He also thanked the Chinese Foreign Minister which has been promoting the negotiation process together with colleagues from the Chinese Ministry of Foreign Affairs, the Chinese Minister of Commerce Wang Wentao and Vice Minister Wang Shouwen and the team of the Chinese Ministry of Commerce for for his continued work and effort, as well as the entire Nicaraguan negotiating team, led by the Minister of Development and Commerce, Compañero Jesús Bermúdez and supervised by the Minister of Finance and Public Credit, Compañero Iván Acosta.

The Minister of Commerce of the People’s Republic of China stated that the signing of the FTA is the result of diplomatic relations between China and Nicaragua under the personal attention and leadership of the two presidents and the mutual trust of the two countries that it has been growing from substantial cooperation has advanced at high speed and at a high level bringing tangible benefits to the peoples of both countries.

“It is another example of this substantial, high-speed, high-level cooperation. Since China and Nicaragua started the FTA negotiations in July 2022, it has only taken a year to concretize the negotiations and reach a high-level and highly beneficial result in various aspects”, he said.

“The China-Nicaragua FTA is an important initiative to implement the consensus of the leaders of both countries and constitutes an important event in history, in trade relations between the two countries,” Wentao said.

He added that China always firmly supports the independent attention of the Nicaraguan part of a path that it develops according to its national conditions and firmly supports Nicaragua’s social and economic development, development strategies and will take advantage of the FTA as an opportunity to organize mutual cooperation. beneficial relationship between trade and investment between the two countries.

“Today we have signed the China-Nicaragua FTA, which constitutes an important milestone in the history of bilateral economic and commercial relations. When the Agreement enters into force, it will provide better functional situations for economic and commercial exchanges and will firmly promote bilateral cooperation,” he said.

Laureano, at the end of the signing expressed: “We reiterate our deep gratitude to the brother Government and people of the People’s Republic of China for the signing of the Free Trade Agreement, we promise to carry out the corresponding actions for its entry into force in January 2024. Today in Nicaragua a sun illuminates us and shines brighter in the light of the signing of this agreement that fills us with hope and optimism, we feel strengthened and we are certain that from now on we will see the fruits of this work with the greatest presence of Chinese brothers in our country that will promote economic and social development on the path to prosperity”.

“Today we celebrate this great milestone, convinced that together, Nicaragua and China will be able to lead our peoples to prosperity, eradicate poverty and work for the shared destiny of humanity. Long live the brotherhood between Nicaragua and China! ” he concluded.

With information from El 19 Digital