ECA between Taiwan, Marshall Islands takes effect

2025/01/17

The Economic Cooperation Agreement between Taiwan and the Marshall Islands took effect Jan. 15, highlighting the two countries’ commitment to deepening bilateral trade collaboration and enhancing mutual prosperity.
 
Inked in 2019, the agreement was revised in 2022 and came into force after the two parties completed necessary domestic legal procedures, the Ministry of Economic Affairs said. It added that the pact includes cooperative economic programs in areas spanning investment, personnel exchanges, services, technology, tourism and trade.
 
The ECA stipulates a zero-tariff list that exempts 3,043 agricultural and industrial products from Taiwan and 267 agricultural and fishery products from the Marshall Islands, the ministry said. A joint committee will also be set up under the agreement to establish regular reviews and implementation mechanisms, it added.
 
According to the MOEA, Taiwan’s total trade value with the Marshall Islands reached US$133.91 million in 2024. The ministry’s International Trade Administration further said that the two countries have significant untapped potential for cooperation in the fishing sector, adding that the country will explore increasing investment and expanding exports of high-quality ships, nets and other gear to the Marshall Islands.


Source: Taiwan Today (https://taiwantoday.tw/index.php)