Taiwan-Eswatini Economic Cooperation Agreement takes effect from 27 December 2018
The Economic Cooperation Agreement (ECA) signed between Taiwan’s Minister Shen and former Eswatini Minister Mabuza on 8 June 2018 took effect on 27 December this year.
The Agreement is aimed at strengthening cooperation on economy, trade, technology and investment. It is also dedicated to ensure sustainable development through environmental protection, as well as contributing to better living standards, adequate employment and considerable and stable income growth. It is expected that the ECA will deepen bilateral trade and investment cooperation and solidify diplomatic ties.
To further assist Eswatinian products enter Taiwan, the ECA provides preferential tariff treatment for 153 items including cane sugar, beef, pork, grapefruit, vegetables, pine wood and textile products for which tariffs were immediately or will be in stages reduced to zero. It is expected that Eswatinian exports to Taiwan will continue to grow, and benefit both sides by further allowing our consumers to enjoy high quality Eswatinian products.
Currently 20 Taiwanese companies are established in Eswatini, having invested mainly in the textiles industry. After the Taiwan-Eswatini ECA takes effect, Eswatini will provide better investment protection and benefits to our businesses to attract more investments to Eswatini.
Eswatini is clearly an important ally and trade partner to Taiwan. The ECA will allow us to make use of Eswatini’s advantageous geographical location in Africa and its preferential terms under the various FTAs it has signed with other countries. Eswatini can serve well as a center for expanding the African market and for developing third country markets. The experience gained from these efforts can also be applied to our relations with other African countries and create mutually beneficial, win-win arrangements.
For contents of the ECA and reference materials (in English and Chinese), please visit the BOFT website: http://www.trade.gov.tw
Note: Eswatini changed its country name from Swaziland to Eswatini on 18 May 2018.