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Content: Five Taiwan-made products will enjoy immediate zero tariffs entering Honduras as Decisions take effe...

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Five Taiwan-made products will enjoy immediate zero tariffs entering Honduras as Decisions take effect

Source:Bureau of Foreign Trade, Ministry of Economic Affairs
Revise Date:2020-07-22

Five Taiwan-made products will enjoy immediate zero tariffs entering Honduras as Decisions take effect

 

    To strengthen our diplomatic ties with Honduras, the 3rd Administrative Committee Meeting under the Free Trade Agreement (FTA) between Taiwan and Honduras was held on 26 March 2019, during which both parties reached consensus on the contents of two Decisions for entry into force on 18 July 2020.

 

    These Decisions increased the tariff-free quota for Honduran cane sugar, and eliminated the tariffs for Taiwan-made hot melt adhesives, sacks and bags[1], bumpers and parts thereof, motor vehicle body parts and accessories[2], and motor vehicle transmission shafts, parts and accessories[3]. Tariffs for Taiwan-made motorcycles[4] will also be reduced to zero over 5 years. The reduction and elimination of tariffs for the seven Taiwanese products will enhance our export competitiveness.

 

    Honduras is Taiwan’s 10th largest trading partner in Latin America. After the FTA between the two countries was signed on May 7, 2007 and entered into effect on July 15, 2008. From 2007 to 2019, total bilateral trade increased 150% from US$66 million to US$166 million, of which Taiwan’s imports grew by around 305%, which is a clear reflection of the positive effect of the FTA.

 

The Decisions (Chinese, English and Spanish versions) are available for viewing on the BOFT website:

https://www.trade.gov.tw/Pages/Detail.aspx?nodeID=939&pid=699499&dl_DateRange=all&txt_SD=&txt_ED=&txt_Keyword=&Pageid=0

 

 

 

 

[1] Other sacks and bags, including cones, paper

[2] Others (parts and accessories of bodies (including cabs), of the motor vehicles of headings 87.01 to 87.05

[3] Others (Transmission shafts and transmission parts and components thereof, of iron or steel, in the rough state; Parts and accessories for other motor vehicles)

[4] (1) Other motorcycles, cycles, equipped with reciprocating internal combustion piston engine of a cylinder capacity exceeding 50cc but not exceeding 250cc; and (2) Motorcycles and cycles with electric motor for propulsion

Published Date:2020-07-22