Africa-Press – Eswatini. The Minister of Commerce Industry and Trade Manqoba Khumalo has disclosed that since the implementation of the Economic Cooperation Agreement (ECA) between the Republic of China (Taiwan) and the Kingdom of Eswatini the country’s exports to that country have increased from E9.7 million in 2019 to E91 million in 2021.
The minister said this during the second meeting of the Joint Committee on the Economic Cooperation Agreement between and Eswatini.
Khumalo said imports on the other hand increased to E371 million in 2021 from E221 million in 2019.
“I am delighted to mention that since its entry into force in December 2018, implementation of the ECA has yielded positive outcomes as reflected in the increase in trade between the two countries,” he said.
Khumalo mentioned that the major contributing export product was under natured ethyl alcohol, which had seen a growing trend since 2019, while imports were dominated by chemicals and related products, manufactured goods, machinery and transport equipment.
“As a country we reiterate the importance of this agreement which seeks to enhance mutually beneficial bilateral economic cooperation between ourselves, and thus accelerating trade and investment,” he said.
He stated that this was true as world economies continued to recover from the devastating effects of COVID 19, which continues to render trade liberalisation and opening of markets pertinent.
“To this extent Eswatini appreciates the additional market access which was offered by your country last year, 2021, for 16 product lines that I believe are already being exported to the Republic of China (Taiwan) on either a duty free quota free basis or on reduced tariffs,” he said.
The Taiwan Minister of Economic Affairs, Mei-Hua Wang, commended Eswatini for the continued cooperation and the proposed expansion of the product lines, as well as the widening of the scope to also include trade in services.
“Taiwan is committed in promoting free trade between the two countries through ensuring that most product lines are either zero tariff rated or the tariffs are reduced for Eswatini businesses to realise profits,” she said.
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