The trade agreement between Ecuador and China took effect on May 1, leading to a tariff reduction for most products. The commercial sector has high expectations for the agreement, particularly for agricultural and agro-industrial products. "We also believe that the banana market can expand," the Ecuador-China Chamber of Commerce president Dario Regalado told the Ecuadorian media. Import duties on bananas, previously 10%, will drop to 0 under the Free Trade Agreement (FTA).

According to the Ministry of Production, the agreement is expected to increase the value of Ecuador's non-oil exports by three to four billion dollars, as the treaty provides for tariff relief for 99.6 per cent of the products exported to China. On the other hand, more than 4,600 products imported from China will enter Ecuador without tariffs, as they will receive an immediate tariff reduction, according to the Ministry of State. Authorities from both countries signed the agreement on May 10, 2023. Still, it was halted after then-President Guillermo Lasso (2021-2023) dissolved the National Assembly (Parliament) amid an impeachment trial against him.