LatinNews Daily - 07 June 2022

In brief: Nicaragua and China announce trade deal

*Nicaragua’s minister for development, business and industry (Mific), Jesús Bermúdez has announced that Nicaragua and China have outlined a trade deal, which comprises two parts, the first of which will take effect this year. According to Nicaragua’s state mouthpiece, el19Digital, the first part of the agreement, which could be signed as early as this month, seeks to cover 90% of products that Nicaragua had previously exported to Taiwan, with which Nicaragua severed ties in December 2021 as part of a move to establish relations with Beijing. The second part of the deal is a free trade agreement (FTA). Bermúdez says that the framework for negotiations has already been established and hopes that the FTA can be finalised within a year and a half. The FTA will cover key areas of trade policy such as intellectual property rights, environmental standards and phytosanitary measures.

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