Taiwan’s Cabinet says it has drafted legislation that would cut import tax rates for products from three countries in Central and South America. The bill announced on Thursday would ease the tax load for certain goods from Honduras, Paraguay, and Belize.
Taiwan has signed an agreement on economic cooperation with Belize and Paraguay, and a free trade agreement with Honduras.
Cabinet Spokesperson Lo Ping-cheng says that Premier Su Tseng-chang supports the move. He says Su has called on the finance ministry and other government agencies to begin dialogue with the legislature on moving the bill forward.
The finance ministry says the proposed legislation will increase trade flow, strengthen the countries’ close diplomatic relationships, and promote industrial development.
The ministry says the tax cuts will apply to 199 imports from Belize, including cocoa products and fruit juices. It will also apply to 25 imports from Honduras, and ten from Paraguay.