TAIPEI, Taiwan – 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 (MOEA) said.
“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” said MOEA.
“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 February 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.