Colombia lifts duties on Taiwan imports

This change will save up to NT$28 million a year in duties on Taiwanese products

(By Wikimedia Commons)

TAIPEI (Taiwan News) – As a part of its commitment made to the Information Technology Agreement in 2012, Colombia has reduced duties on import products, specifically on information technology products.

It has eliminated duties on about 159 types of information technology products, which would save up a huge amount for countries exporting those products. This change will save up to NT$28 million a year in duties on Taiwanese products shipped to the country.

According to the Bureau of Foreign Trade under the Ministry of Economic Affairs, Taiwan exported about US$39.42 million (approx NT$1.2 billion) worth of information technology products to Colombia in 2016 and based on the figure, importers of Taiwanese goods will save up to US$937,365.

Taiwan is Colombia’s fourth largest trading partner in Latin America after Brazil, Mexico and Chile.

Items on which duties will now be free includes printers and electronic counters.