BEIJING, Aug. 31 (Xinhua) -- China and Nicaragua on Thursday signed a free trade agreement (FTA) after year-long negotiations in the latest effort to enhance bilateral economic and trade cooperation.
The deal was inked via a video link by Chinese Minister of Commerce Wang Wentao and Laureano Ortega, advisor on investment, trade and international cooperation at the Nicaraguan president's office, China's commerce ministry said in a statement on Thursday.
As an important measure to implement the consensus reached by the leaders of the two countries, the FTA will facilitate high-level mutual opening up in areas such as goods and services trade and investment access, according to the statement.
The ministry described the signing of the FTA as a milestone in China-Nicaragua economic ties, which will further unleash potential in trade and investment cooperation and benefit the two countries and their people.
The two sides will now carry out their respective domestic procedures to promote the early implementation of the FTA, the statement added. ■