China, Nicaragua sign FTA to strengthen cooperation

China and Nicaragua inked a free trade agreement on Thursday after a year of negotiations, which will further bring out the potential of bilateral trade and investment cooperation, according to the Ministry of Commerce.

China's Commerce Minister Wang Wentao and Laureano Ortega, adviser on investment, trade and international cooperation to the Nicaraguan president, signed the FTA via video link, the ministry said in a statement.

Under the FTA, the two countries will enable mutual opening at a high level in the areas of trade in goods and services as well as investment market access, the ministry said, adding that the signing of the FTA acts as an important milestone in China-Nicaragua bilateral economic and trade relations.

The FTA will help release the dividends of resuming diplomatic relations between the two countries, further tap into the potential of bilateral trade and investment cooperation, upgrade and elevate China-Nicaragua collaboration, and deliver benefits to both countries and their people, according to the statement.

Going forward, the two sides will expedite domestic steps to see that the FTA will take effect and get implemented at an early date, the ministry said.