Taiwan, Nicaragua
Start Free Trade On Jan.
1
Taiwan and Nicaragua
will start implementing
a free trade agreement
on Jan. 1, 2008, setting
zero tariffs on more
than 50 percent of
Taiwan's exports to
Nicaragua and more than
65 percent of
Nicaragua's exports to
Taiwan for 10 years.
Steve R.L. Chen, the
economic affairs
minister of Taiwan, and
Samuel Santos Lopez, the
foreign minister of
Nicaragua, exchanged the
instruments of
rectification at the
Ministry of Economic
Affairs in Taiwan's
capital Taipei.
Under the agreement,
Nicaragua will let 3,374
Taiwanese products into
the country without
duties. Taiwan will also
lift tariffs on 5,797
Nicaraguan products
entering the country.
After 10 years, products
covered by the FTA will
be expanded to allow
zero-tariff for 97.3
percent of Nicaraguan
exports to Taiwan and
95.1 percent of
Taiwanese products sold
to the Central American
country.
The two countries
started negotiations on
the FTA in August 2004.
After four rounds of
talks, the FTA was
ratified on June 16,
2006.
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