China and Ecuador sign free trade deal

China and Ecuador signed a free trade agreement in Quito which will allow the South American country to sell nearly all its products tariff-free.

The deal was inked virtually between Chinese Commerce Minister Wang Wentao and Julio Jose Prado, Ecuador's minister of production, foreign trade, investments and fisheries. The agreement, negotiated in just ten months, will allow the South American country to sell 99.6% of its products without tariffs, according to the Chinese Ministry of Commerce.