First batch of export vehicles under China-Ecuador FTA to set sail

HEFEI, May 4 (Xinhua) -- A batch of vehicles, the first to receive a certificate of origin under the free trade agreement (FTA) between China and Ecuador, is set to depart for Ecuador, the Customs of Hefei, capital of east China's Anhui Province, said on Friday.

"The value of the 69 cars to be exported to Ecuador is approximately 6.4 million yuan (about 901,408 U.S. dollars). With the certificate of origin, around 150,000 yuan will be saved through exemption of import duties," said Cai Wenwen from Chinese automaker Chery, the exporter.

The company plans to export over 6,000 vehicles to Ecuador, with a total value of nearly 600 million yuan, Cai said, adding that Ecuador is an important emerging market for Chery.

The FTA between China and Ecuador officially came into effect on May 1.

The implementation of the FTA will unleash the potential of trade and investment between the two countries, promote comprehensive upgrading of bilateral economic and trade cooperation, and bring benefits to enterprises and people in both countries, the Chinese Ministry of Commerce said.