Chinese Minister of Commerce Wang Wentao (center) meets with Nicaragua's Minister of Development, Industry and Trade Jesus Bermudez (not pictured) via video link, on July 25, 2023. (PHOTO / MINISTRY OF COMMERCE, CHINA)

BEIJING - Chinese Minister of Commerce Wang Wentao and Nicaragua's Minister of Development, Industry and Trade Jesus Bermudez announced Tuesday that the two countries have substantively completed their free trade agreement (FTA) negotiations.

The announcement was made when the two ministers met via video link. The two sides have agreed to step up relevant technical preparations and fulfill domestic ratification procedures in order to sign and implement the agreement at an early date, according to the Ministry of Commerce.

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As an important measure to implement the consensus reached by the leaders of the two countries, the FTA will provide an institutional guarantee for bilateral economic and trade exchanges, help elevate bilateral economic and trade cooperation, and promote the greater development of bilateral relations in the new era.