China has signed an agreement that will allow imports, including seafood, from Nicaragua to enter the country duty-free.
Beijing promised Nicaragua a free-trade deal in return for it switching diplomatic recognition from Taiwan in December 2021.
The newly issued veterinary protocol comes after their Early Harvest Agreement was signed in July 2022, implementing specialized tariffs on a number of goods classified as agricultural in origin, including seafood. The deal created zero-tariff access to Chinese shipments of sardines, tuna, and aquafeed, among other seafood-related items, to Nicaragua.
Nicaragua exported USD 180 million (EUR 179 million) worth of seafood in the first six months of 2022, according to the country's official data. Between January and May 2021, Nicaraguan exports to China reached USD 3.1 billion (EUR 3.1 billion), representing a 19.1 percent year-on-year increase.
"Nicaraguan exports to China could increase by some USD 100 million [EUR 100 million] in tariff-free goods. Chinese demand will force us to increase our production [and could lead to] investments from Chinese companies to Nicaragua,” Nicaragua National Assembly Member Carlos Wilfredo Navarro Moreira told Telesur following the signing of the agreement in July.
Photo courtesy of China Ministry of Foreign Affairs
