Taiwan yesterday began offering preferential tariffs on 19 products imported from Paraguay in line with a resolution signed in August last year as part of the Economic Cooperation Agreement (ECA) between the two countries, the Ministry of Economic Affairs said.
Resolution No. 8 of the ECA allows for zero tariffs on 17 Paraguayan goods, including frozen boneless pork, preserved chopped beef offal, wheat powder, industrial-use alcohol and textiles, the ministry said.
Tariffs on Paraguayan-made rice crackers were also reduced to 10 percent, while natural honey would see a tariff reduction to 20 percent over the next three years, it said.
Photo: Reuters
Since 2017, Taiwan has imported US$45.44 million of the 19 goods, with frozen boneless pork being the leading import among them, the ministry said.
The ECA officially took effect on Feb. 28, 2018, and has since led to several productive joint meetings, it said.
To implement the terms of Resolution No. 8, the Executive Yuan in November last year approved an amendment to customs import tariff regulations, as proposed by the Ministry of Finance.
Paraguay is one of the nation’s key diplomatic allies in South America and has consistently voiced support for Taiwan’s participation in international affairs, the economic ministry said.
The South American country is also recognized for its stable economy and growing competitiveness in the global livestock market, with ongoing efforts to modernize industries and attract investment, it said.
The new preferential tariffs would enhance bilateral trade, particularly as Paraguay specializes in agricultural exports, the economic ministry said.
The agreement is expected to create new economic and business opportunities for both nations, it said.
From the time the ECA was launched until last year, bilateral trade between Taiwan and Paraguay has grown by 300 percent, it said.
Paraguayan frozen beef has become a significant source of beef for Taiwan, while Taiwanese exports of hand tools, plastic products and auto parts to Paraguay have increased by 27 percent, it added.
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