TAIPEI (Taiwan News) — Taiwan has not yet received an invitation for Honduran President-elect Nasry Asfura’s inauguration ceremony, which takes place later this month, the foreign ministry said on Tuesday.

During his campaign, Asfura pledged to restore diplomatic ties with Taiwan if elected. Honduras severed relations under President Xiomara Castro in March 2023 for more economic deals with China. Asfura criticized the decision, arguing that Honduras was “100 times better” off economically with Taiwan.

Speaking at a press conference, Lu Chao-jui (盧朝睿), deputy director-general of the Department of Latin American and Caribbean Affairs, said the foreign ministry remains open to reestablishing relations with Honduras and other countries but maintains a pragmatic approach with no preconditions.

After the diplomatic switch to Beijing, Honduras lost many preferential trade agreements with Taiwan, including ones on shrimp exports, per El Heraldo. This has made it more difficult and less profitable to export shrimp to Taiwan.

The Honduran Association of Aquaculturists forecast a significant 24% decrease in white shrimp exports in 2024, according to El Heraldo. By October 2024, exports to Taiwan fell from 22.1 million pounds to 7.4 million pounds compared to the same period in the previous year.

The termination of the free trade agreement with Taiwan in March 2023 led to the imposition of a 20% tariff on Honduran shrimp exports, hindering market access.