Four free-trade resolutions signed by Taiwan and El Salvador went into effect on Saturday, allowing annual reductions in tariffs on specific exports.
The terms of the resolutions spell out annual reductions in tariffs on aloe vera juice, jello and tape from Taiwan, as well as dried fruit — pineapple, mango, plantain and banana — from El Salvador, the Bureau of Foreign Trade said in a news release on Saturday.
The goal is to reduce the current 5 to 15 percent tariffs to zero percent by 2027, the bureau said, adding that this will make Taiwan’s products even more competitive on the international market.
As part of the resolutions, Taiwan also agreed to import 80,000 tonnes of crude sugar and 10,000 tonnes of refined sugar annually from El Salvador, the bureau said.
Meanwhile, tariffs on natural honey and dried orange slices from El Salvador have been lifted, the bureau said, adding that 1 tonne of dried pineapple, mango, plantain or banana can also be imported duty free.
Last year, Taiwan exported US$162.15 million in goods to El Salvador, a 128 percent increase from the US$71 million in 2007, while El Salvador is one of Taiwan’s main sources of agricultural and fishery products.
The two countries signed the four resolutions at the end of August last year, following the conclusion of the second annual Taiwan-El Salvador-Honduras free trade agreement executive committee meeting.
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