Seven years after diplomatic ties broke, Costa Rica is Taiwan's main trading partner in the region, with $644 million traded in 2013.
It seems that maintaining healthy diplomatic and political relations between governments is not always necessary for trade between two nations to prosper. One example is the bilateral trade between Taiwan and Costa Rica, which despite the fact that it is the only country in Central America to have broken political links with the Asian island, remains its main trading partner in the region.
In the coming days, Taiwan will be receiving the first shipment of 40,000 tons of Salvadoran raw sugar.
The FTA with Taiwan, in effect since March 2008, permits El Salvador to export 55,000 tons of sugar with zero tariffs.
Eugenia Yang, the economic counselor at the country’s Taiwanese diplomatic headquarters, informed Laprensagrafica com: "During the initial months, the first product to enter the market was coffee.
A trade mission composed of representatives from 22 companies in different industries met with Salvadoran businesspeople.
German Rivas wrote in Laprensagrafica.com: "’The advantage that Salvadoran exporters have taken of the free trade agreement with Taiwan is still 'timid' after 10 months of it having come into force,’ said the Taiwanese ambassador in the country, Carlos Liao.
From Thursday, March 12 to Sunday, March 15, thirty Taiwanese companies will exhibit their products at the traditional fair.
The exhibition will be held in the Expocentro facilities.
Juan Carlos Rivera from Tiempo.hn reported: "Companies from the industrial sector will showcase textile machinery, construction tools, plastic recyclers, electronics, cloths and other goods."
EXPORTA attributes the increase to the free trade agreement with the island, which has been in effect for 7 months as yesterday.
From March to August of this year, El Salvador increase its exports to Taiwan by 79%, Eugenia Yang, economic adviser at the Taiwanese Embassy in the country, reported.
"The main products (sold to Taiwan) are scrap metal, clothing, textiles and coffee.
Honduras and Taiwan ratified a free trade agreement that was signed just over a year ago and also includes El Salvador.
The FTA is due to come into force within 30 days of ratification. The Honduran embassy said the accord aims to "eliminate barriers to trade and promote fair competition."