A bill to lower import tariffs to zero on 234 items for three of Taiwan’s diplomatic allies — Belize, Honduras and Paraguay — was passed by the Legislative Yuan yesterday and is expected to expand economic and trade exchanges.
The amendment to the Customs Import Tariff lowers the tariffs either immediately or incrementally, in line with economic cooperation and trade agreements signed by Taiwan and the three allied countries.
Taiwan is to lower tariffs on 199 items imported from Belize, including fish, pork, beef, chicken, vegetables, juice, wood products and cocoa products, while cutting tariffs on 25 items imported from Honduras, such as diary products, fruit and vegetables.
Additionally, 10 items imported from Paraguay, including sugar and rice products, will have tariff-free status.
The Legislative Yuan yesterday also unanimously ratified an economic cooperation agreement that was signed with Belize in September last year.
Vice Minister of Foreign Affairs Alexander Yui said that the agreement should create a win-win situation for Taiwan and Belize through reciprocal economic and trade exchange.
Yui said the terms of the agreement have the Caribbean ally granting preferential tariff status to 33 Taiwanese exports, including starch-related products, bicycle tires, textiles, steel, hand tools, machine tools, auto and motorcycle components, and water sports equipment.
Taiwanese companies are expected to use Belize as a springboard to enter the Caribbean’s trade bloc, while the country would use Taiwan as a gateway to the Asian market, Yui said.
Additionally, Belize has signed trade agreements with the EU, Canada and Colombia, while the Caribbean country has been granted preferential trade status by the US, Canada and Japan, Yui said.
As Taiwan and Belize quicken the boosting of their economies amid the COVID-19 pandemic, the agreement is expected to help the countries enhance friendship and economic ties, he said.
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