Posted: Monday, January 17, 2022. 3:12 pm CST.
By Benjamin Flowers: The Governments of Belize and the Republic of China (Taiwan) signed an Economic Cooperation Agreement (ECA) back in 2020, and the Embassy of Taiwan says that the agreement has finally taken effect.
The agreement, which was signed on September 30, 2020, officially took effect on January 15, 2022, and provides for preferential treatment for Belize’s 199 items of goods, including key agricultural and fisheries products such as lobster, beef, pork, chicken, juices, and sugar, while granting preferential tariffs to 33 products coming out of Taiwan into Belize. These include flat-rolled steels, tools (such as pliers, wrenches, screwdrivers, etc.), brakes, and cycle parts.
“The high quality ‘Made in Belize’ products will become more competitive and accessible in Taiwan’s market, and thus help generate increased foreign reserve and create additional employment as well as business opportunities in Belize,” the embassy said. “Furthermore, the ECA also provides financial and technical assistance from Taiwan to Belize for the development of institutional and technical capacities involved in trade (including areas of plant and animal health) and standards and technical regulations, thereby further consolidating our partnership and friendship.”
The embassy also said that the win-win agreement will serve to strengthen the diplomatic ties between our two countries and deepen economic exchanges between Taiwan, Belize, and the Caribbean region.
Taiwanese companies have already invested $142.20 million in Belize, mainly in financial and insurance, manufacturing, and retail and wholesale.
Under the ECA, both governments will also providing better investment protection and benefits to businesses of both countries to attract more investments from Taiwan to Belize, and vice versa.
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