Taiwan Removes Tariffs on Bovine Products from Nicaragua
Starting from June 30, 2018 products such as stomach, intestines and bladders from Nicaragua may enter the Asian country duty free.
Friday, June 29, 2018
From a statement issued by the Embassy of Taiwan in Nicaragua:
Managua, Wednesday, June 27, 2018.Under the provisions of the Second Free Trade Meeting of the current FTA between Taiwan and Nicaragua, as of June 30, 2018, Decision No. 6 will enter into force, which establishes that Taiwan can import the following bovine products tariff-free: stomach, intestines and bladders, from Nicaragua.
According to the statistics from Taiwan Customs, Nicaragua's exports in 2017 amounted to 124 million dollars, 50.77% more than in 2016.Regarding the aforementioned beef products, the growth of Nicaraguan exports to the Asian country has been constant, since the signing of the FTA in 2006 when it exported US $19,811 worth up until 2017 US $1,089,930 showing growth of 55 times, which reflects Taiwanese consumer's preference for these products, achieving a positive synergy for both economies.It is expected that with the exoneration of the tariff, exports could increase even more.
With the approval of a decree declaring beef and all its edible offal as sensitive products, importers in the country will not be able to opt for tariff exemptions.
The Cabinet Council approved Cabinet Decree No. 29 dated December 10, 2019, which declares as sensitive products for the national economy all beef, whether fresh, chilled, frozen, salted, smoked, or processed, as well as all edible bovine offal, whether fresh, chilled or frozen, reported the Ministry of Agricultural Development (MIDA).
The new trade agreement increases the export quota of sugar to 60 thousand tons, and eliminates the export tariff of bovine offal to the Asian island.
Laprensa.com.ni explains that "...The expansion was agreed at a meeting between the delegations of the two diplomatic allies, headed by the general director of the BOFT, Yang Jenni, on the Taiwanese side, and his Nicaraguan counterpart, Cristian Martinez, held on Thursday."
The Honduran company C & D has shipped the first container with 25 tons of bovine offal going to Thai market.
The internal organs of cattle such as the spleen, liver and tendons have little added value in the Central American nation compared to its value in the international market, especially in Thailand, said David Hernandez, manager of C & D.
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