Decision No. 8 of the Taiwan-Nicaragua Free Trade Agreement (FTA), in which Taiwan has agreed to increase the tariff-free quota of raw sugar exports from Nicaragua by ten thousand metric tons, enters into force today, the 28th of August 2021. Taiwan and Nicaragua also have signed Decisions No. 9 and No. 10, granting tariff reductions respectively to Nicaraguan agricultural and fishery products, as well as Taiwanese industrial products, so as to further open up our bilateral markets and deepen economic cooperation between Taiwan and Nicaragua.
The 3rd Meeting of the Free Trade Commission of the FTA between the Republic of Nicaragua and the Republic of China (Taiwan), which was co-chaired by Taiwan's Minister for Economic Affairs Ms. Mei-Hua Wang and Nicaragua's Minister of Development, Industry and Trade Mr. Orlando Solorzano Delgadillo, was held virtually on 2 December 2020. After the meeting, both countries signed Decision No. 8 to raise Nicaragua's raw sugar quota from 35,000 metric tons to 45,000 metric tons, thereby increasing Nicaragua's annual sugar quota to 70,000 metric tons (i.e., 25,000 tons of refined sugar and 45,000 tons of raw sugar). This decision takes effect today, 28 August 2021, which is 30 days after the two parties notified each other of the completion of their necessary internal legal procedures. Meanwhile, Decisions No. 9 and No. 10 are currently undergoing relevant administrative procedures in order to facilitate implementation in the near future.
The Chinese, English, and Spanish versions of Decision No. 8 will be posted on the website of the Bureau of Foreign Trade (BOFT) for public reference: https://www.trade.gov.tw/english/Pages/List.aspx?nodeID=677