At the conclusion of the fourth Taiwan-Latin American leaders' summit in Taipei last week, the Presidents of Panama and Taiwan signed a Free Trade Agreement that will see tariffs abolished on many goods from 2004.
The agreement is expected to come into effect on January 1 next year, subject to parliamentary approval in both countries, and makes provision for greater market access between the two nations, as well as reduced duties on agricultural and industrial products, investments, services and telecommunications.
Under the terms of the agreement, 6,200 categories of goods, or 71% of exports from Taiwan to Panama will become exempt from duties, whilst 4,160, or just under 50%, of goods exported in the opposite direction will be free from tariffs.
It is expected that by 2014, 97% of exports from Taiwan to Panama, and 95% of trade flowing from Panama to Taiwan will be free from duties.
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