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Published Date: 2021-11-26
Taiwan’s
legislature has passed the third and final reading of an amendment that will
remove import taxes for products from three close allies of Taiwan. The
amendment will apply to 234 products from Belize, Honduras, and Paraguay. All
three countries have full diplomatic relations with Taiwan.
Among the products
affected are seafood, cocoa products, and fruit juice from Belize; dairy
products, fruits, and vegetables from Honduras; as well as confectionery items
and rice paper from Paraguay.
Belize is the
biggest beneficiary of the amendment’s new rules, which will apply to 199 of
its products.
Cabinet officials
say that the products covered under the amendment will not compete with
Taiwan-made products, so there should be no negative economic impact.
The amendment’s
passage through the legislature comes shortly after Taiwan formally ratified an
economic cooperation agreement with Belize.
Taiwan currently
enjoys a large trade surplus with Belize. According to government statistics,
trade between the two countries was worth US$6.76 million in 2020. Exports from
Taiwan to Belize made up the overwhelming majority, with a value of US$6.1
million.