With the necessary legal and administrative procedures completed in both countries, the Free Trade Agreement between Panama and Taiwan came into effect on January 1st, removing customs duties on thousands of classes of goods traded between the two nations.
The free trade pact, the first such agreement entered into by Taiwan, was jointly signed by President Chen Shui-bian of Taiwan and Mireya Moscoso, his Panamanian opposite number on August 21 last year. Under the agreement, 6,200 categories, or 71%, of Taiwanese goods will be exempted from Panamanian customs duties. Meanwhile 4,160 categories, or just under half of Panamanian goods, will be exempted from Taiwanese import tariffs.
Currently, Panama is Taiwan’s 66th largest trading partner, and bi-lateral trade was worth US$104.24 million in the first ten months of 2003.
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