The Agreement on Economic Cooperation between Taiwan and the Kingdom of Eswatini came into force Dec. 27, paving the way for increased trade and investment ties between the allies, according to the Ministry of Economic Affairs.
Signed June 8 in Taipei City during the state visit of King Mswati III, the pact covers cooperation across such areas as export processing zones, talent cultivation and technical exchanges. It is expected to deliver substantial benefits for the people of both countries by creating additional growth opportunities and advancing sustainable development, the MOEA said.
Under the accord, tariffs on 153 export items from Eswatini are immediately reduced to zero or will be eliminated over time, while government agencies in the landlocked southern African nation are set to hold regular consultations with Taiwan investors to address barriers and offer incentives.
Eswatini will also provide information on its participation in African economic integration and support Taiwan’s efforts to use the country as a base for strengthening its trade links across the continent.
In addition, a joint committee is being established to facilitate regular communication and information exchanges on issues of mutual concern, including market access and priority sectors for collaboration.
Official statistics show that bilateral trade surged to US$9.82 million during the first 11 months of this year, up 41 percent from the same period in 2017. A total of 20 Taiwan enterprises have established operations in Eswatini, investing a combined US$80 million and creating some 13,000 jobs for local workers, according to the MOEA. (SFC-E)
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