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Taiwan-El Salvador FTA-related resolutions go into effect

2018/02/03 15:26:14

CNA file photo

Taipei, Feb. 3 (CNA) Four free trade related resolutions signed between Taiwan and El Salvador went into effect on Saturday, allowing annual reductions in tariffs on specific exports to start taking place.

In a news statement issued Saturday, the Bureau of Foreign Trade said the terms of the resolutions will see annual reductions in tariffs on aloe vera juice, jello and tape from Taiwan, as well as dried pineapple, dried mango, dried plantain and dried banana from El Salvador.

The goal is to reduce the current 5-15 percent tariffs to zero in 10 years' time by 2027, the bureau said, adding that this will make Taiwan's products even more competitive on the international market.

As part of the resolutions, Taiwan also agreed to import an annual 80,000 metric tons of crude sugar and 10,000 metric tons of refined sugar from El Salvador, according to the bureau.

Meanwhile, tariffs on El Salvador's natural honey and dried orange slices have been reduced to zero, while 1 metric ton of dried goods, including pineapple, mango, plantain and banana, will enjoy duty-free access, it added.

Taiwan and El Salvador enjoy diplomatic ties, and are each other's important trade partners. Taiwan exported US$162.15 million in goods to El Salvador last year, a 128 percent increase from the US$71 million back in 2007.

El Salvador, meanwhile, is one of Taiwan's main sources of agricultural and fishery products.

The two signed the four resolutions at the end of August 2017, following the conclusion of the second annual Taiwan-El Salvador-Honduras Free Trade Agreement (FTA) executive committee meeting.

(By Kuan-lin Liu and Huang Ya-hsuan)