Times Of Swaziland: MINISTER CALLS FOR LOCALS TO EXPLORE TAIWAN MARKETS

MINISTER CALLS FOR LOCALS TO EXPLORE TAIWAN MARKETS
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Nhlanganiso Mkhonta on 03/10/2024 08:18:00


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.