Parliament of Taiwan ends the Free Trade Agreement with Nicaragua

Parliament of Taiwan ends the Free Trade Agreement with Nicaragua

Taiwan legislators formalized the end of the Free Trade Agreement with the Nicaraguan dictatorship. The decision became effective on Monday, December 26, according to the Taipei Times.

“The legislators formally ended the Taiwan Free Trade Agreement (FTA) with Nicaragua yesterday in a vote in the Legislative Yuan,” said the written outlet.

To complete the legal procedures for the termination, Taiwan sent in March this year, a document signed by Foreign Minister Joseph wu to the Nicaraguan delegation to the Secretariat of the World Trade Organization (WTO).

Related news: Nicaragua will stop exporting 92 thousand tons of sugar between the US and Taiwan

The deputies stress that once the decision is approved by legislators, they must submit the decision to Taiwanese President Tsai Ing-wen for promulgation.

Among the arguments presented by the Ministry of Foreign Affairs to end the FTA with Nicaragua, is the diplomatic break on December 10, 2021 with Taiwan Taipei, to reestablish relations with Beijing.

“Five days later, the Nicaraguan legislature annulled the FTA, ignoring a required 180-day grace period,” the Ministry of Foreign Affairs stated.

Another of the arguments of the Taiwanese parliamentarians is that the unilateral actions of the Ortega dictatorship “were extremely disrespectful towards Taiwan and constituted serious violations of obligations under the law of international treaties.”

Related news: The traces that Taiwan leaves in Nicaragua after the breakup

They also point out that “Nicaragua disregarded international standards and deliberately cooperated with China to repress Taiwan.”

“Ortega failed to bet on the support of Continental China”

After learning about Taiwan’s decision, the former Nicaraguan ambassador to the Organization of American States (OAS), Arturo McFields, told Article 66, that the dictatorship of Daniel Ortega had a “resounding failure” in betting on the support of Continental China.”

“China forgives but does not forget, it does not forget the 14 years in which Ortega looked at them as a second-rate partner (…) The Sandinista Front maintained a peripheral relationship, a kind of secret love with Mainland China,” he added.

The traces that Taiwan leaves in Nicaragua after the breakup

The former diplomat emphasized that in a year of diplomatic relations, China has not given any financial support to Nicaragua, “it has only given promises of an early purchase agreement and promises to work in the future with a Free Trade agreement ».

He argued that after the break with Taipei and its reestablishment with communist China, the dictator Daniel Ortega “continues to beg” that his ally “help him fill the void, but a year has passed and China does not buy even a quarter of what they contributed Taiwan’s friends.

Related news: Nicaragua leaves Taiwan’s “dollar diplomacy” for recognition of China

The only thing that, according to the now opposition member, Ortega has achieved with China is political support at the level of “protection in the security of crimes against humanity and other accusations in the United Nations Councils.”

Regime expects FTA
Regime expects FTA “negotiation” with China to take a year

McFields concluded that “the honeymoon” with China was brief, after a year of bilateral relations. “It is evident that China buys little from Nicaragua, but sells a lot, 70 times more to be exact.”

“The Central Bank of Nicaragua reported in November that, during the first 9 months of 2022, exports to China were barely 11.3 million dollars and imports exceeded 798 million,” he said.

Taiwan’s support for Nicaragua

Taiwan has noted that trade with Nicaragua increased after the FTA entered into force in 2008, reaching $160 million last year, double what they traded in 2007.

“Nicaragua’s exports to Taiwan multiplied by eight during the period, which shows that it is the main beneficiary of the FTA,” said the Taiwan legislators.

Related news: USA: Rupture between Nicaragua and Taiwan will distance the Ortega regime even further from the international community

“Exports to Nicaragua accounted for 0.02 percent of Taiwan’s total exports, while the country’s imports, including frozen shrimp, frozen beef, cane sugar and coffee, can be sourced from other nations,” the minister said. Ministry of Foreign Affairs.

Taiwan has invested US$415.02 million in Nicaragua, while Nicaragua has invested US$30,000 in Taiwan, however dictators Daniel Ortega and Rosario Murillo have stated that they are “on the right track” with their new allies.

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