BEIJING — Commerce Minister Wang Wentao and Ecuador's Minister for Production, Foreign Trade, Investment and Fisheries Julio Prado have signed a memorandum of understanding for free trade agreement (FTA) negotiations.

This marks the beginning of FTA negotiations between the two countries, China's Ministry of Commerce said in a statement.

In recent years, economic and trade cooperation between China and Ecuador has achieved remarkable results, with bilateral trade growing significantly.

In 2021, bilateral trade totaled $10.95 billion, up 44.5 percent year-on-year. China has been Ecuador's second-largest trading partner for two consecutive years.

The two sides launched a feasibility study on the FTA in September 2021 and completed it in January 2022.

The signing of the FTA will help further tap the potential of bilateral trade and promote the sustained, stable and diversified development of bilateral trade, according to the statement.