Belize signs Economic Cooperation Agreement with Taiwan

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Minister of State in the Ministry of Investment Trade and Commerce, Hon. Tracy Taegar Panton, signed on to an Economic Cooperation Agreement with the Government of Taiwan. It was witnessed by H.E. Remus Chen, Taiwan’s Ambassador to Belize, and signed on Taiwan’s behalf by Minister Wang Mei-Hua, Minister of Economic Affairs.
In a facebook post, Minister Panton stated that “Today is a good day for Sugar Cane Farmers, Sugar Producers. Fisher Folk, Cattle Ranchers, Poultry Producers, Citrus Farmers and for all Members of the Belize Productive Sector.
Today is a good day for Belize as we strengthen and solidify our friendship with the Government & People the Republic of China (Taiwan) and as we deepen our partnership for further economic integration of Commodities made in Belize.”
The agreement will seek to give preferential treatment for products in fisheries, livestock, poultry, citrus among other areas as well as provide more technical assistance from the Government of Taiwan. The assistance will see agriculture producers as well as livestock owners have greater access to both exporting as well as receiving technical assistance from Taiwan.
Initial negotiations started as far back as 2014 when the topic was first broached and continued in 2019 with Prime Minister of Belize, the Right Hon. Dean Barrow, and the President of Taiwan, Dr. Tsai Ing-wen, agreed to approve pursuit of a formal trade agreement and committed their respective negotiating machineries to fulfilling this mandate.
In August 2019, a trade mission to Taiwan, led by the Hon. Tracy Panton, laid the groundwork ahead of subsequent formal negotiations. The mission met with several key representatives and officials from the Government of Taiwan, as well as with representatives from Taiwan’s private sector. The mission culminated with the signing of a Letter of Intent that delimited the scope and principles for negotiations.
Formal negotiations began in Taiwan on 5 November and ended on 11 November 2019 with the parties reaching an agreement in principle in one round. Given Belize’s membership in CARICOM, the negotiated agreement had to be subjected to CARICOM’s review to ensure that it did not prejudice the rights of other Member States. On, 28 September 2020, Belize received the formal approval from CARICOM to sign the agreement.