Taipei: Taiwan's Foreign Minister Lin Chia-lung and his Paraguayan counterpart Rubén Ramírez Lezcano inked a significant agreement on Friday, which permits mutual visa-exempt entry for regular passport holders from both countries, as announced by the Ministry of Foreign Affairs (MOFA).According to Focus Taiwan, Ramírez highlighted in a statement released on Saturday that this agreement is set to bolster interactions between the citizens of Taiwan and Paraguay, while also facilitating Taiwanese businesses interested in investments within Paraguay. This development marks a pivotal moment in strengthening the diplomatic and economic ties between the two nations.Lin expressed a warm welcome to Ramírez during his second visit to Taiwan, following his attendance at President Lai Ching-te's inauguration in May, accompanied by Paraguayan President Santiago Peña Palacios. This visit underscores the enduring friendship between Taiwan and Paraguay, MOFA noted.During their meeting, Lin and Ramírez delved into discu ssions on global political and economic dynamics, emphasizing bilateral cooperation projects. They explored trade and investment opportunities in sectors such as electric buses, processed foods, textiles, and agricultural and livestock products. These discussions are expected to pave the way for enhanced collaboration and economic growth for both countries.Ramírez conveyed optimism regarding Taiwan's "Diplomatic Allies Prosperity Project," expressing hope that it will bring mutual benefits and prosperity. He also reaffirmed Paraguay's steadfast support for Taiwan and expressed a desire to establish a cooperative model involving Taiwan, Paraguay, and the United States to jointly uphold universal values such as freedom, democracy, and human rights, as noted by MOFA.Among Taiwan's 12 diplomatic allies globally, Paraguay remains the sole partner in South America, underscoring the strategic importance of this agreement in the region.