Colombia has eliminated import duties on 159 information technology (IT) products, potentially eliminating up to NT$28 million (US$921,780) a year in duties on Taiwanese products shipped to the nation.
The list of items that have become duty-free, issued on Sept. 25, includes multifunction printers and electronic counters.
Taiwan last year exported US$39.42 million worth of IT products to Colombia, the Bureau of Foreign Trade said.
Based on that figure, the removal of tariffs would save Colombian importers of Taiwanese goods US$937,365, it said.
Colombia is Taiwan’s fourth-largest trading partner in Latin America following Brazil, Mexico and Chile, with bilateral trade totaling US$403.09 million last year, the bureau added.
Taiwan last year exported a total of US$354.15 million worth of goods to Colombia and tariffs reached US$48.94 million, it said.
Taiwan last year had a trade surplus of US$305.21 million with Colombia, the bureau added.
Colombia’s tariff reduction is part of its commitment to the Information Technology Agreement, which it signed in 2012.
The agreement was formulated at the WTO’s 1996 ministerial conference in Singapore to eliminate tariffs on IT products.
The scope of IT items receiving global duty-free treatment was expanded in the WTO’s ministerial meeting in December 2015 in Nairobi, removing duties on 201 IT items within seven years after the accord came into effect on July 1 last year.
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