BY BUSINESS EDITOR
MBABANE – Bilateral trade between Taiwan and Eswatini totalled US$16.16 million in 2022, a decrease of 9 percent from US$17.96 million in 2021.
This was mentioned in the latest statistics published by the International Trade Administration.
Eswatini’s main exports to Taiwan include ethyl alcohol, sauces, grapefruit, machinery parts, cotton yarn, and metal jewellery, while Taiwan’s main exports to Eswatini consist of rice, printing machinery, filament yarn, dyeing machines, slide fasteners, and garments.
About two weeks ago, the Legislative Yuan approved changes to a bill that will permit the tariff-free importation of 46 different goods, including nuts and dried fruits, into Taiwan from Eswatini.
The Ministry of Finance’s (MOF) proposed changes to the Customs Import Tariff were first authorised by the Cabinet on September 21. The Finance Committee of the Legislature finished reviewing the changes on October 18.
The tariff waiver will go into effect in accordance with the terms of the bill 30 days after each of the two nations has finished its internal legal process.
The changes’ approval was a component of Taiwan’s pledge to strengthen bilateral relations and commerce under the terms of an economic cooperation agreement it signed with Eswatini in December 2018.
At a recent legislative committee hearing, Finance Minister Chuang Tsui-yun said the 46 products from Eswatini that will receive tariff-free treatment include nuts, dried fruits, molasses, brewed drinks, dried onions, vegetable juices, and textile and garments.
In a report recently presented to the Legislature’s Finance Committee, the Ministry of Agriculture, which worked with the MOF in preparing the amendments, assured lawmakers that the tariff waiver will not have a negative impact on Taiwan’s agricultural sector.
