The Honduran Minister of Economic Development, Fredis Cerrato, has announced that Honduras has successfully reached a partial agreement with China that exempts them from paying tariffs on shrimp exports. This positive development comes as Honduras continues to address issues in its trade relationship with Mexico.

Partial Agreement with China

Minister Cerrato disclosed that amid the ongoing challenges facing the shrimp sector, a partial agreement has been reached with China that allows Honduran shrimp to enter the Chinese market without incurring any tariffs. This agreement is set to be officially signed next week, with Minister Cerrato and the Chinese Minister of Commerce formalizing the arrangement.

Cerrato further stated that efforts are underway to secure more favorable pricing for Honduran shrimp through discussions with Chinese government authorities.

Efforts to Resolve Issues with Mexico

While the agreement with China is a positive step forward, Minister Cerrato also addressed the ongoing trade dispute with Mexico. He revealed that discussions have been initiated through diplomatic channels, involving the Foreign Ministry and the Ministry of Economy, to resolve the issues surrounding Honduran shrimp exports to Mexico.

Cerrato confirmed that active efforts are being made to persuade the relevant authorities in Mexico to reconsider their stance and permit the entry of Honduran shrimp into the Mexican market. He acknowledged the challenges faced by small shrimp farms in the southern region of Honduras due to the current situation.

Optimism for Economic Growth

In addition to these trade developments, Minister Cerrato expressed optimism about Honduras’ economic growth prospects. Both national and international organizations have estimated a 3.5 percent growth rate for the country in 2024. Cerrato voiced confidence that this projection can be surpassed, provided certain economic conditions improve.

He cited the need for reduced inflation, stable fuel prices, enhanced production, increased investments within the country, and improved export levels as key factors that could drive economic growth beyond the projected 3.5 percent.

Aspiring to Sustained Growth

In conclusion, Minister Cerrato emphasized the importance of sustained economic growth for Honduras. He asserted that the ideal scenario would involve maintaining a consistent 7 percent growth rate. This, he believes, is essential for the nation to not only overcome its ongoing economic challenges but also to thrive and move beyond the historic economic crisis it has faced.