Sunday, April 14, 2024

Economic cooperation agreement between Belize and Taiwan goes into effect

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Months after the pandemic gripped the country, Belize and the Republic of China (Taiwan) signed a mutually beneficial Economic Cooperation Agreement (ECA) on September 30, 2020. The agreement, signed under the previous administration, went into effect on Saturday, January 15th, and will provide preferential treatment for Belize’s goods, such as key products from the agricultural and fisheries sectors.

The agreement will honor Belizean products such as lobster, beef, pork, chicken, juices, and sugar. In addition, the ECA grants preferential tariffs for Taiwan’s products to Belize, such as flat-rolled steels, tools like pliers, wrenches, and screwdrivers, to name a few. The deal also covers brakes and cycle parts. On Saturday, the Taiwanese Embassy in Belize noted that the ECA would give a much-needed boost to bilateral trade and benefit both countries and consumers. The high-quality ‘Made in Belize’ products will become more competitive and accessible in Taiwan’s market. This will help generate increased foreign reserve creating additional employment and business opportunities in Belize.

The mutual agreement also provides financial and technical assistance from Taiwan to Belize to develop institutional and technical capacities involved in the trade. These areas will include plant and animal health, standards, and technical regulations.

The Embassy of Taiwan in Belize pointed out that Taiwanese companies have invested primarily in finance, insurance, manufacturing, retail, and wholesale. The accumulative value of Taiwan’s investment in Belize has reached BZ$142.02 million. With the ECA in effect, both governments will also provide better investment protection and benefits to businesses of both countries to attract more investments from Taiwan to Belize and vice versa.

The economies of Taiwan and Belize are highly complementary, and the ECA will foster mutual benefits and achieve win-win cooperation. In addition, this economic venture will also help strengthen the diplomatic ties between the two countries and deepen economic exchanges among their people and in the Caribbean region.

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