Minister of Economic Affairs Lee Chih-kung (李世光) and Paraguayan Minister of Industry and Commerce Gustavo Leite yesterdat signed a free-trade agreement at a ceremony witnessed by President Tsai Ing-wen (蔡英文) and Paraguayan President Horacio Cartes, Foreign Trade Bureau division head Chen Ai-lan (陳愛蘭) said.
Cartes and Leite arrived in Taiwan on Tuesday with a delegation for a three-day official visit.
Taiwan and Paraguay signed a memorandum of understanding on trade and investment cooperation in 2001, Chen said, adding that Tsai and Cartes in June last year achieved a consensus on pushing ahead the signing of a bilateral free-trade pact, when Tsai visited the South American ally.
Under the new agreement, the ministry and the Paraguayan Ministry of Industry and Commerce are to set up a joint committee to review the implementation of the accord within six months after it goes into effect, Chen said.
Paraguay has agreed to lower tariffs on 19 Taiwanese products, including sporting equipment and ink, while the South American nation would see tariff reductions for 54 products including beef, fruit juices, and pet food.
Taiwan is also to organize a trade mission to visit Paraguay in October to continue to promote bilateral trade and economic exchanges, she said.
According to official statistics, Taiwan last year exported goods worth US$27.23 million to Paraguay, while importing goods worth US$20.3 million from the South American nation.
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