An Outlook on the potential trade and cooperation opportunities of the Economic Cooperation Agreement (ECA) between the Government of Belize and the Government of the Republic of China (Taiwan)
The introduction of the ECA between Belize and the Republic of China (Taiwan) could serve as a major economic milestone in stimulating trade in selected goods, while placing much emphasis on capacity building endeavors. For many in the private sector in Belize, this landmark Agreement will provide a multitude of benefits across several areas which include some of the below:
- Diversification and expansion of trade by granting of varying forms of tariff preferences;
- Technical cooperation and capacity building activities across several critical areas such as standards, technology, innovation, among others;
- Enhancing supply capacity;
- The introduction of an effective and transparent trade dispute mechanism.
In terms of trade, the agreement provides for immediate duty-free treatment for all of Belize’s major export products, and an early phase-out of import duties on goods that can be developed for the Taiwan market within the short-to-medium term. The Fisheries and Agricultural sectors are part of the key industries to benefit from the agreement, consequently providing access to Taiwan’s 23.57 million citizens. Once in force, this bilateral engagement will serve as a cornerstone for export potential and may also function as a catalyst for product diversification in Belize.
The table below showcases some of the key products and items covered under the ECA’s extensive list for Tariff Preferences:
To learn more about all the goods receiving tariff preferences under this agreement, kindly see the link below: https://www.dgft.gov.bz/wp-content/uploads/2020/10/Economic-Cooperation-Agreement-between-the-Governments-of-Belize-and-the-ROC-Taiwan-2020.pdf