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Taiwan approves Taiwan-Belize Economic Cooperation Agreement

Posted: Friday, November 26, 2021. 9:18 am CST.

By Rubén Morales Iglesias: Taiwan’s Legislative Yuan, the country’s highest legislative body, on Friday approved into law the Taiwan-Belize Economic Cooperation Agreement that was agreed to in September 2020.

The agreement will reduce taxes on 199 Belizean products while Belize will do likewise with industrial products from Taiwan, according to the Liberty Times.

According to the Taiwanese newspaper, Belize could serve as an export hub for Taiwan considering its membership in the regional Caribbean Community (CARICOM). That would help Taiwan export its products to the Caribbean region.

The Belize and Taiwan Ministries of Foreign Affairs first agreed on the deal in November 2019 and finalized the agreement in September 2020. Belize’s National Assembly approved the deal in October, said the Liberty Times.

Belizean products that will be benefit immediately from this agreement are frozen lobster, processed citrus products, and seasoning and sauce products. Taiwan’s exports to Belize that fall under the agreement include motorcycle tires, textiles, steel products, metal wrenches, machine tools, auto parts, and starch products.

Lobster is Belize’s main export to Taiwan with a value of approximately BZ $540,000. It represents close to 40 percent of Belize’s exports to Taiwan.

According to the Liberty Times, the Taiwanese Ministry of Finance said Taiwan exported NT$180 million (BZ 13 million) in 2020 while Belize exported approximately NT$20 million (BZ 1.45 million).

 

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