On July 25, Wang Wentao, Minister of Commerce and Jesus Bermudez, Nicaragua’s Minister of Development, Industry and Trade announced that the two countries have substantively completed free trade agreement (FTA) negotiations after the two ministers met through video conference. The two sides have agreed to step up relevant technical preparations and fulfill domestic ratification procedures in order to sign and implement the agreement at an early date. Senior officials including Wang Shouwen, China International Trade Representative and Vice Minister, Laureano Ortega, advisor on investment, trade and international cooperation to Nicaraguan president and Ivan Acosta, Minister of Finance and Public Credit of Nicaragua, participated in the event.

As an important measure to implement the consensus reached by the leaders of the two countries, the FTA will provide an institutional guarantee for bilateral economic and trade exchanges, help elevate bilateral economic and trade cooperation, and promote the greater development of bilateral relations in the new era.