Lawmakers yesterday formally terminated Taiwan’s free-trade agreement (FTA) with Nicaragua in a vote at the Legislative Yuan.
The Executive Yuan is to submit the decision to President Tsai Ing-wen (蔡英文) for promulgation.
Nicaragua on Dec. 10 last year severed diplomatic ties with Taipei in favor of Beijing. Five days later, the Nicaraguan legislature nullified the FTA, ignoring a required 180-day grace period, the Ministry of Foreign Affairs said in a report.
Photo: Screen grab from a Legislative Yuan livestream
The unilateral actions were extremely disrespectful to Taiwan and constituted “serious breaches of obligations” under international treaty law, the report said.
To complete legal procedures for the termination, Taiwan’s WTO delegation in March forwarded a document signed by Minister of Foreign Affairs Joseph Wu (吳釗燮) to the Nicaraguan delegation to the WTO and the WTO Secretariat, the ministry said.
The handling of the issue cemented Taiwan’s image as a country that fulfills its obligations and abides by international norms, the ministry added.
Nicaragua disregarded international norms and deliberately cooperated with China to suppress Taiwan, it said.
Trade between Taiwan and Nicaragua rose after the FTA went into effect in 2008, reaching US$160 million last year, double the figure in 2007, it said.
Nicaragua’s exports to Taiwan rose eight-fold during the period, showing that it was the main beneficiary of the FTA, it said.
Exports to Nicaragua made up 0.02 percent of Taiwan’s total exports, while imports from the country, including frozen shrimp, frozen beef, cane sugar and coffee, can be sourced from other nations, the ministry said.
The termination of the FTA would have a limited effect on Taiwan, it added.
Two-way trade volume from January to last month was US$123.74 million, a 15.3 percent annual decline, the Ministry of Economic Affairs said.
Taiwan has invested US$415.02 million in Nicaragua, while the Central American Country has invested US$30,000 in Taiwan, it said, adding that investors from both sides would not be affected by the termination.
To help businesses cope with the change, the Ministry of Finance granted preferential tariff status to them in January.
The Ministry of Economic Affairs commissioned the Taiwan External Trade Development Council to hold business matchmaking meetings to help businesses expand their markets.
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