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Taiwan To Eliminate Tariffs On Certain Products From El Salvador

by Mike Godfrey, Tax-News.com, Washington

16 November 2015


A committee set up to administrate the free trade agreement (FTA) between El Salvador, Honduras, and Taiwan held its first meeting on November 10, 2015.

El Salvador's Deputy Minister of Economy, Estrella Rodríguez, said that the meeting was successful. She said that during the meeting Taiwan agreed to eliminate tariffs on a number of Salvadoran products, including juices, jelly, and tea.

Taiwan also agreed to increase the quota for tariff-free imports of Salvadoran refined sugar from 5,000 tons to 10,000 tons.

According to figures from El Salvador's Central Reserve Bank, bilateral trade between Taiwan and El Salvador increased from USD234m in 2007, prior to the FTA, to USD401m in the past year.

The FTA came into force between El Salvador and Taiwan in 2007. Each party to the FTA agreed to reduce tariffs on trade with the other parties over a twenty year period from the entry into force of the agreement. The parties also agreed that they would not increase existing tariffs or levy new tariffs on trade with one another.

TAGS: free trade agreement (FTA) | tariffs | Taiwan | import duty | trade | El Salvador | Honduras | Economy

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