MBABANE – Minister of Commerce, Industry and Trade Manqoba Khumalo says Eswatini’s exports to Taiwan under the Economic Cooperation Agreement (ECA) have significantly grown, from E9.7 million in 2019 to E91 million in 2021. He has been speaking during a virtual 2nd Meeting of the Joint Committee on the ECA.
Speaking during the session Minister Khumalo said, “Since its entry into force in December 2018, implementation of the ECA has yielded positive outcomes as reflected in the increase in trade between the two countries. Imports, on the other hand, increased to E371 million in 2021 from E221 million in 2019.”
Minister Khumalo revealed that the major contributing export product is undenatured ethyl alcohol which has seen a growing trend since 2019, while imports are dominated by chemicals and related products, manufactured goods, machinery and transport equipment.
“As a country, we reiterate the importance of this Agreement which seeks to enhance mutually beneficial bilateral economic cooperation between ourselves, and thus accelerating trade and investment,” Minister Khumalo added.
Taiwan Minister of Economic Affairs Mei-Hua Wang expressed Taiwan’s commitment to free trade in Eswatini. “Taiwan is committed to promoting free trade between the two countries through ensuring that most product lines are either zero tariff rated or the tariffs are reduced for Eswatini businesses to realise profits.”
