By Alexandra Valencia

QUITO, Reuters – Ecuadorean President Guillermo Lasso stated that the country hopes to reach a trade agreement with China by the end of the year. He also said the formal debt re-negotiations will be initiated with Asia, following a visit to Beijing with his counterpart Xi Jinping.

China was Ecuador’s most trusted lender in the last 10 years, with many millions of dollars of long-term credit tied directly to large investment in hydro-electric, mining, and other loans.

Lasso shared the following tweet (NYSE:) “In China, we had a productive meet with President Xi Jinping.” We achieved outstanding results with commercial openings and cooperation in the areas of health, debt re-negotiation, and in terms of collaboration in healthcare.

Two countries also signed an agreement to trade at the close of the year. It would have a positive impact on Ecuadorean seafood, bananas, chocolate, and other minerals exports.

Lasso took office May 1st and stated that more foreign trade and investment were key factors in boosting the South American nation’s weak and volatile economy.

Julio Jose Prado (commerce minister) stated during a conference via virtual media that “it would increase market by nearly $1Billion more in export possibilities.” That will almost double our exports to China of various products.

Both countries reached an agreement that their finance ministries would hold initial talks regarding debt restructuring. Ecuador is seeking to increase its payments and lower interest rates.

Juan Carlos Holguin, Ecuador’s foreign minister, said that Ecuador wants to disengage the transfer of crude oil from Chinese bank debts worth $2.08 trillion. This would allow for $400 million in annual spending.

According to the Ecuadorean government, China will provide 2.5 million COVID-19 vaccinations for children aged 3-5 years old.