Decision No. 8 of the Agreement on Economic Cooperation between the ROC (Taiwan) and the Republic of Paraguay formally entered into force July 5,...
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- TAIWANTODAY.TW - Top News - 01/Jul 00:00
Taiwan-Paraguay Economic Cooperation Agreement takes effect
Decision No. 8 of the Agreement on Economic Cooperation between the ROC (Taiwan) and the Republic of Paraguay formally entered into force July 5, bringing further benefits and business opportunities to both parties, the Ministry of Economic Affairs said. According to the MOEA, the decision grants tariff concessions on 17 products imported from Paraguay including frozen boneless pork, prepared or preserved bovine offal items, and industrial or consumer goods such as wheat flour, industrial ethyl alcohol, plastic bottles and clothing. In addition, tariffs on Paraguay-made rice crackers were reduced to 10 percent, while natural honey will see a gradual tariff reduction to 20 percent over the next three years, the ministry said. From 2017 to date, the MOEA said Taiwan has imported a total of US$45.44 millions’ worth of 19 products, adding that the new preferential tariff status will enhance economic and trade exchanges while strengthening bilateral relationships. The ECA first came into effect Feb. 28, 2018, and has since led to four joint meetings and many productive results, the ministry said, citing the triple growth of bilateral trade as of 2024. Taiwan’s exports of automobile components, hand tools and plastic products to Paraguay have increased by 27 percent during the same period, it added. (YCH-E) Write to Taiwan Today at ttonline@mofa.gov.tw
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