China"s Commerce Minister Wang Wentao and Nicaraguan Foreign Minister Denis Moncada, representing their respective countries, signed the early harvest arrangements for a bilateral free trade agreement (FTA) via video link on Tuesday.
The two officials also announced the beginning of FTA negotiations between the two countries.
On the same day, Wang and Laureano Ortega Murillo, adviser to the Nicaraguan president, signed a memorandum of understanding to officially establish an economic and trade cooperation mechanism between the two governments.
The signing of the early harvest arrangements, together with the beginning of FTA negotiations, is an important outcome in bilateral economic and trade cooperation since the two countries resumed diplomatic relations.
The moves will help cement and invigorate relations between the two sides, Wang said.
China and Nicaragua have made significant progress on bilateral economic and trade cooperation. From January to May, Nicaragua"s exports to China increased by 128.9 percent year on year.
