MINISTER CALLS FOR LOCALS TO EXPLORE TAIWAN MARKETS

MBABANE - The Minister of Commerce, Industry and Trade, Manqoba Khumalo, has encouraged businesses in the country to take advantage of the Economic Cooperation Agreement (ECA).
Minister Khumalo emphasised the critical role that local businesses must play in capitalising on the ECA signed between Eswatini and Taiwan. “The Economic Cooperation Agreement, which aims to enhance trade and investment flows between Eswatini and its partner nations, is seen as a significant step towards boosting the country’s economic landscape. It includes provisions for tariff reductions, improved market access, and collaboration in various sectors such as agriculture, manufacturing, and services,” Khumalo said.
The minister highlighted that these agreements present an unprecedented opportunity for local businesses to expand their reach and drive economic growth.

“I would like to encourage other businesses across various sectors to take advantage of the opportunities presented by this Economic Cooperation Agreement. There are vast markets waiting for our innovative products and services, and now is the time to explore these avenues for growth and success. Let us embrace this trade agreement and work collaboratively to elevate our industries on the global stage,” he said. In order to raise the standards of living and ensure full employment and a large and steadily growing volume of real income and effective demand, Eswatini and Taiwan agreed on the following economic cooperative programmes:
(a) Trade Cooperation
(i) The Parties reaffirm their rights and obligations under the Marrakesh Agreement Establishing the World Trade Organisation (WTO), in particular the agreement on technical barriers to trade and the agreement on the application of sanitary and phytosanitary measures.
(ii) They further agree to cooperate in the fields of standardisation, metrology, conformity assessment and quality infrastructure, with the aim of enhancing mutual understanding and promoting economic and trade relations and thereby eliminating technical barriers to trade.
(iii) They shall cooperate on sanitary and phytosanitary measures for the protection of human, animal and plant life.
(iv) They will cooperate in addressing supply side constraints with the aim of increasing competiveness of the Parties at industry level. Such cooperation may include, but is not limited to, areas of innovation, production, technology, distribution, marketing and financing.

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