Following the First Joint Committee Meeting under the Economic Cooperation Agreement (ECA) between Taiwan and Paraguay on 12 June last year (2018), both parties reached consensus on the contents of 4 Decisions, which later entered into force on 5 September this year (2019).
The contents of the Decisions grant 31 Paraguayan products including sugar, pork tendons, and mate, etc. with preferential tariffs and quotas when entering Taiwan. Additionally, 14 Taiwanese products including woven fabrics, knitted fabrics, and carry bags, etc. now enjoy preferential tariffs when entering Paraguay.
Since the Taiwan-Paraguay ECA entered into force, bilateral trade has continued to grow. From January to June 2019, trade between the two countries reached US$47.68 million, representing a growth of 88%. Of the total trade, we imported US$22.49 million and exported US$25.19 million worth of goods to and from Paraguay. Taiwan imports mainly beef from Paraguay, which account for 94% of all imports from Paraguay, or US$21.31 million, and constitutes 6.88% of our global imports. Our imports of Paraguayan beef make this Latin American country our 4th largest source of the popular meat.
The above-mentioned Decisions (in Chinese, English and Spanish) are available from the BOFT website (https://www.trade.gov.tw/english/Pages/List.aspx?nodeID=1838).