Chinese Minister of Commerce Wang Wentao and Nicaragua’s Minister of Development, Industry, and Trade Jesus Bermudez jointly announced on Tuesday that the two nations have effectively completed negotiations for a free trade agreement (FTA).
The momentous declaration came during a virtual meeting between the two ministers. In light of this progress, both parties have committed to accelerating necessary technical preparations and fulfilling domestic ratification procedures. The ultimate goal is to swiftly sign and implement the agreement, as confirmed by the Ministry of Commerce.
This FTA stands as a significant step in implementing the agreements previously reached by the leaders of China and Nicaragua. It is expected to serve as a robust institutional guarantee for bilateral economic and trade interactions, further enhancing economic cooperation between the two nations. By fostering stronger economic ties, the FTA will also play a pivotal role in advancing and nurturing the bilateral relations between China and Nicaragua in this new era.