QUITO, Feb 5 (Reuters) – Ecuador expects to pull together a trade deal with China at the end of this year and will begin formal debt re-negotiations with the Asian country, Ecuadorean President Guillermo Lasso said on Saturday, after a Beijing visit with his counterpart Xi Jinping.

China became Ecuador’s top lender over the last decade, with millions of dollars in long-term credit tied to the handover of crude oil, large investments in hydro-electric and mining projects and other loans.

“In China we had a productive meeting with President Xi Jinping,” Lasso posted on Twitter. “We achieved great results in commercial openings, cooperation in health and debt re-negotiation.”

At the meeting the two countries signed a memorandum of understanding meant to pave the way for a trade deal at the end of the year, which would benefit Ecuadorean exports of shrimp, bananas, cacao, other fruit and minerals.

China said on Sunday the two countries have agreed to open negotiations for a free-trade pact. The commerce ministry, in a statement on its website, offered no details on the planned talks.

At the meeting on the sidelines of the Beijing 2022 Winter Olympics, Xi said China and Ecuador should use negotiations on the free trade agreement as an opportunity to deepen practical cooperation between the two countries, China’s Xinhua news agency said.

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