China, Nicaragua Sign Free Trade Agreement

China and Nicaragua signed a free trade agreement Aug. 31, China's Ministry of Commerce announced, according to an unofficial translation. Negotiations on the deal began in July 2022 and were concluded within a year, the ministry said, adding that the agreement will allow for a "mutual opening up" in trade in goods and services and investment market access.

In a separate release, the ministry said the FTA covers goods, cross-border service trade and investment, rules, tariff commitments, import and export restrictions, tariff quotas, product-specific rules of origin, certificates of origin and 15 annexes. The ministry said the deal has many "firsts" for China, including opening cross-border service trade and investment via a negative list and a digital trade chapter.