4 Taiwan-Guatemala FTA decisions take effect
Four decisions expanding the scope and impact of the free trade agreement between Taiwan and Central American ally Guatemala took effect April 1, according to the Ministry of Economic Affairs.
Signed between 2019 and 2020 by the heads of negotiating teams from both countries, the decisions comprise elimination of tariffs on bicycle and motorcycle exports from Taiwan, as well as agricultural imports from Guatemala such as bushes, coffee substitutes, fruit, nuts, ornamental grass, shrubs and trees.
In addition, the annual duty-free quota of raw and refined sugar imports from Guatemala was increased to 125,000 metric tons, while general procedures for the issuance and receipt of electronic certificates of origin were established.
According to the MOEA’s Bureau of Foreign Trade, the decisions will significantly improve the bottom lines of Taiwan manufacturers while having no detrimental impact on the domestic agricultural industry.
Implemented July 1, 2006, the Taiwan-Guatemala FTA has significantly advanced bilateral trade. MOEA statistics reveal that trade volume hit US$209 million in 2019, up 61 percent from US$130 million in 2005.
Source: Taiwan Today (https://taiwantoday.tw/index.php)