TAIPEI (Taiwan News) — The Legislative Yuan on Friday (Nov. 26) passed provisions listed in the Taiwan-Belize Economic Cooperation Agreement that was inked in September of last year.

A Ministry of Foreign Affairs (MOFA) report pointed out that since Belize is a member of CARICOM, the deal would allow Taiwanese manufacturers to make Belize an economic hub to expand into the regional market and promote their products, the Liberty Times reported.

MOFA said the two countries had carried out an initial signing of the agreement in November 2019 and finalized the agreement in September 2020. Belize’s National Assembly approved the deal last October, per the Liberty Times.

According to the Ministry of Economic Affairs, the agreement reduces taxes on 199 types of imported Belizean products, including frozen lobster, processed citrus products, and seasoning and sauce products. Conversely, Belize has decreased taxes on 33 Taiwanese industrial products, including motorcycle tires, textiles, steel products, metal wrenches, machine tools, auto parts, and starch products.

The Ministry of Finance pointed out that last year the total value of Taiwanese exports to the Caribbean nation reached NT$180 million (US$6.46 million). Meanwhile, the total value of Belizean exports to Taiwan was approximately NT$20 million.