Taiwan: New FTA Resolution: No Tariff on 25 Imports from Honduras

Taiwan's Bureau of Foreign Trade (BFT) issued resolution No. 17 regarding the Free Trade Agreement (FTA) between Honduras and Taiwan. After the two nations notified each other that the necessary domestic procedures were completed, the resolution came into effect on 14 January 2022. The tariff rate on 25 products, including meat, imported from Honduras is reduced to zero.

The BFT official indicated that Taiwan had agreed to reduce tariffs to zero for 25 imported products from Honduras, including meat products, dairy products, potatoes, avocados, and others. Among the products, 23 items had their tariffs downgraded immediately, and the tariffs on the remaining two items will be downgraded gradually over the next six years.

The Ministry of Economic Affairs pointed out that it has been more than 13 years since the FTA took effect, and the bilateral trade volume has increased from 65.95 million US dollars in 2007 to 148 million US dollars in 2021. The main products exported from Honduras to Taiwan include frozen seafood, coffee, and beef, and Honduras is Taiwan’s largest source of frozen shrimp.

The BFT official believes that the zero tariff agreement is beneficial to Taiwan importers, and added that Taiwan consumers will also have more choices in the market. The BFT hopes that the two nations can make good use of the FTA to continue cooperating and exploring additional areas for industrial cooperation and trade and business opportunities.