Posted: Tuesday, January 2, 2024. 7:11 am CST.
By Horace Palacio: Marking a pivotal shift in their economic relationship, Nicaragua and China have officially begun trading under a new free trade agreement, a development that could significantly alter Nicaragua’s economic prospects. According to a report by VOA News, this landmark deal enables 71% of Nicaraguan products to be exported to the expansive Chinese market without the imposition of tariffs.
This agreement is set to benefit a wide range of Nicaraguan exports, encompassing various sectors. Key products include meat and seafood such as fish, shrimp, lobsters, and sea cucumbers, along with agricultural goods like sugar, peanuts, and rum. The deal also extends to non-food items, including leather, charcoal, wood, and automobile parts.
To safeguard vital Nicaraguan industries, the agreement strategically excludes specific Chinese goods, such as meat and its offal, coffee, rice, and sugar, thus preventing potential competition in these critical sectors.
President Daniel Ortega, who has led Nicaragua through 17 years marked by protests and strict control over dissent, praised the agreement in a December speech, referring to it as “the best Christmas present.” Ortega highlighted the collaborative spirit of the relationship with China, emphasizing a shared commitment to peace and cooperation.
This free trade agreement follows Nicaragua’s decision to cut diplomatic ties with Taiwan in late 2021, a move that underscores its increasing alignment with China.
While the agreement was officially signed on October 31 in a virtual meeting, details about its terms have been limited. Laureano Ortega, an adviser to the president on relations with China and Russia, has voiced optimism about the deal’s potential to bring about economic and social benefits for Nicaraguan families, including new investments, job creation, and technological transfer from China.
As Nicaragua and China embark on this partnership, the world will be watching to see how this agreement impacts Nicaragua’s economy and its positioning on the global stage.
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The post International News: Nicaragua inks landmark free trade agreement with China appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Tuesday, January 2, 2024. 7:11 am CST. By Horace Palacio: Marking a pivotal shift in their economic relationship, Nicaragua and China have officially begun trading
The post International News: Nicaragua inks landmark free trade agreement with China appeared first on Belize News and Opinion on www.breakingbelizenews.com.
