China, Nicaragua Free Trade Agreement Effective Jan. 1

The free trade agreement between China and Nicaragua was scheduled to take effect Jan. 1, China's Ministry of Commerce announced, according to an unofficial translation (see 2308310020). The ministry released the FTA's schedule of preferential tax rates, which includes zero percent tariff rates for Nicaragua's main exports, such as beef, shrimp, coffee and cocoa. The deal also sets out tariff quotas of 50,000 tons of sugar each year, with a duty rate of 15% beyond the 50,000 ton limit, while tariffs on Chinese exports to Nicaragua will be "gradually reduced and eliminated."