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Belize and Taiwan to Strike Trade Deal

Belize and Taiwan are looking to finalize an economic trade agreement that would see import taxes reduced on Belizean goods going into Taiwan. The agreement will also see Taiwan benefiting from lower taxes on some thirty-three Taiwanese industrial products coming into Belize. While Belize had approved the trade agreement in the House of Representatives in October last year, it was only today that Taiwan’s legislature gave the green light to proceed with the agreement. According to Taiwan News, under this agreement, Taiwan will lower tariffs on 199 items imported from Belize, including fish, pork, beef, chicken, vegetables, juice, wood products and cocoa products. For Belize, taxes will be reduced on items such as frozen lobster, processed citrus products, seasoning and sauce products According to Taiwan’s Vice Foreign Minister, Alexander Tah-ray Yui, the agreement is expected to create a win-win situation for Taiwan and Belize through reciprocal economic and trade exchange.