The 3rd Taihong (Hongdulas) FTA Executive Committee meeting reached concrete results and helped to enhance bilateral economic and trade relations

The 3rd Taihong FTA Executive Committee Meeting was held in Taipei on March 26 this year. It was co-chaired by Minister Shen Jinrong and Minister of Economic Development of Argendo Castillo.

Minister Shen stressed in the meeting that Honduras is an important friend and economic partner of China. The Taihong FTA entered into force in 2008 and has been in operation for more than 10 years. The bilateral trade volume has increased from US$66 million in 2007 to US$150 million in 2018, a 132% increase. White shrimp, coffee, beef and sugar are the main products of Hongguo. I mainly export plastic chemical raw materials, rubber pneumatic tires and motor vehicle parts. The two sides should continue to deepen cooperation to expand business opportunities.

Minister Fu thanked me for the multi-faceted assistance to Hongguo and said that the two countries' economic and trade growth has been growing year by year. I hope that the FTA Executive Committee will achieve further results in order to achieve the goal of growing bilateral trade by more than 10% this year. In recent years, Hongguo has worked hard to strengthen infrastructure, actively participate in regional integration, and signed economic and trade agreements with important countries such as the United States and the European Union. The investment environment has been greatly improved. The channel thanked the government for continuing to promote the industry to visit Hongguo. In recent years, there have been several important investment cases.

This conference mainly discusses market entry and cooperation issues (including investment, trade, and capacity building). In terms of market entry, the two sides provide each other with tax reduction treatment for products. I open a reduction rate of 25 products for sugar, agricultural products, dairy products and other products. Hongfang will give tax reduction treatment for 8 products such as steam locomotive parts and adhesives. Deepen trade exchanges. In order to assist Hongguo's trade expansion, I will continue to organize purchasing groups and study delegations to go to Hong procurement and investment inspections, and assist Hongguo SMEs in the development of food processing and packaging.

In addition, based on Hongguo's emphasis on China's market and trade cooperation, Minister Fu also traveled with the corporate group. In addition to assisting in the arrangement of two trade fairs with our traders, the headquarters also held the "Hongdulas Investment Opportunities Briefing". Invited me to attend textile, food processing, packaging, coffee and other industries to help our business use Taihong FTA niche to explore more industrial cooperation and trade opportunities.

Source: Ministry of Economic Affairs R.O.C