Cabinet approves draft bill to eliminate tariffs on 17 Paraguayan products

Taipei, Nov. 21 (CNA) The Executive Yuan on Thursday approved draft amendments proposed by the Ministry of Finance to eliminate tariffs on 17 products from Paraguay.

The amendments to the Customs Import Tariff Act were drafted based on a tariff concession list contained in Resolution 8 under the Agreement on Economic Cooperation Between the Republic of China (Taiwan) and the Republic of Paraguay to remove trade barriers between the two countries.

Under the amendments, 17 products, including Paraguayan boneless pork, prepared or preserved beef offal, wheat powder, plastic bottles, socks and pants, will enjoy tariff-free status.

In addition, tariffs for rice crackers will be lowered to 10 percent, and those for natural honey will be cut to 20 percent in three years.

The draft amendments will take effect within 30 days of both countries completing legislative rectification procedures, the finance ministry said.