Ecuador relies heavily on primary product exports including shrimp, bananas and cacao. China is among the main importers of these goods, so tariff cuts feed directly into price competitiveness.

In the other direction, Chinese machinery, electronics and vehicles expand their presence in Ecuador. Free trade agreements typically adjust market access in both directions together.

Trade agreements between South American countries and China have multiplied in recent years, with Chile and Peru signing earlier, and port handling capacity on the Pacific coast discussed alongside them.

Academics have noted that whether such agreements lead to industrial diversification in economies weighted toward primary exports requires separate assessment.

Korean trading firms follow changes in South American commercial conditions closely, since some product lines compete and others complement.

The effects of an agreement are generally judged after several years of trade statistics accumulate rather than at entry into force.