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Taiwan, Nicaragua ratify free-trade agreement

Deutsche Presse-Agentur | Oct 11, 2007

Taiwan, Nicaragua ratify free-trade agreement

Taipei — Taiwan and Nicaragua ratified their free-trade agreement in Taiwan Thursday, further liberalizing trade.

Economics Minister Chen Ruey-long and Nicaraguan Foreign Minister Samuel Santos exchanged ratification papers for the pact signed in June 2006 and going into effect next January 1.

When the FTA comes into effect, Taiwan will exempt tax on 5,797 items - or 65.6 per cent - of Nicaraguan goods, including beef and coffee.

Nicaragua will offer tariff-free treatment to 3,374 items - or 51.1 per cent of - Taiwanese exports to Nicaragua.

Nicaragua is one of the 24 countries which recognize Taiwan, half of them in Latin America and the Caribbean.

Taiwan’s FTA with Panama and Guatemala is already in effect and the agreement with Nicaragua, Honduras and El Salvador will become effective in 2008.

 source: Monsters and Critics