QUITO (Reuters). Ecuador aims to reach trade agreements with China, Russia, and South Korea within the next four-years, according to the Andean country’s Production and International Trade Ministry. He also stated that it is a priority for the United States to close a deal.

The push for free trade deals is part of President Guillermo Lasso’s bid to double foreign direct investment to $1.8 billion a year, Julio José Prado said in an interview with Reuters. After a severe recession caused by the coronavirus pandemic, Lasso was elected as a conservative former banker in May.

These plans are coming as China increases its trade relations in Latin America’s resource-rich region. It has long been competing with the United States for influence. China is already Ecuador’s largest customer, while Chinese companies are investing in important sectors like mining.

Ecuador, the largest trading partner of Ecuador, has signed an agreement that is a prelude to possible trade agreements with the United States. Prado stated that he is not worried about possible conflicts arising from the pursuit of deals with Washington or Beijing.

Prado stated that a trade agreement does not have to depend on the views of a president or minister, but rather on the location where Ecuadorean businesses need to go. We will make trade agreements with China and the United States if that is possible.

South America already enjoys 10 free trade agreements, which include one with the European Union. Ecuador is currently negotiating with Mexico a deal that could open the door to joining the Pacific Alliance. This trade bloc also includes Chile and Colombia.

Prado stated that the existing deals only cover 40% of Ecuador’s exports. The government plans to increase this figure to 60% over the next four-years.