Taiwan Free Trade Agreements

The most important thing is that Beijing`s shadow falls on the talks. It would be a mistake for the United States to pursue a free trade agreement as part of its policy toward China or to use Taiwan as a negotiating ground, and Taiwan also has reason to be cautious. A friendly improvement in trade is usually a good idea, but not when it is done to attract a third party. A step towards better economic relations with Taiwan should not be seen as degrading. Whether in banking, trade negotiations or e-commerce, my professional life helps companies open up new markets, with a particular focus on China. As the CEO of Republican Export Representative Michael McCaul told reuters in September, a trade deal with Taiwan is “a lot” on the Trump administration`s radar screen. Days later, a group of 42 Republican senators and eight Democratic senators asked Mr. Trump to begin negotiations for a bilateral trade deal with Taiwan. Former Australian Prime Minister Malcolm Turnbull said last month that he supported a free trade agreement between Australia and Taiwan and Taiwan`s accession to the CPTPP at a virtual forum that also included Taiwanese President Tsai Ing-wen. An interactive list of bilateral and multilateral free trade instruments can be find on the TREND Analytics website. [59] This is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries.

Many of the key economic considerations for a comprehensive trade agreement with Taiwan are firmly in place. Taiwan is the 14th largest export market for U.S. products and the eighth largest market for agricultural products. It has a strong rule of law and admirable public transparency and, more often than not, reasonable rules on trade and investment. Taiwan`s average tariff is 2% – much like in the U.S. – but it has relatively high tariffs (9%) agriculture, which means that an agreement could lead to a sharp increase in U.S. agricultural exports. “We are confident that a trade agreement between the United States and Taiwan would promote the security and economic growth of the United States, Taiwan and the Indo-Pacific area as a whole,” the letter says.

Afghanistan has bilateral agreements with the following countries and blocs:[1] For similar trade reasons, other nations have been preceded by other nations in the development of bilateral trade agreements with Taiwan. Taiwan now has eight bilateral trading partners, including the Asia-Pacific Economic Cooperation (APEC) economies Singapore and New Zealand. The two nations have a particularly strong and friendly relationship with China, including bilateral trade agreements with both sides of the Taiwan Strait. As the letter from the conservative lobbyists referred to above states, “nothing is incompatible with an agreement with Taiwan with productive relations with China.” In August, Tsai said Taiwan would ease restrictions on U.S. imports of pork and beef, which were seen as the main obstacle to a trade agreement between the two countries. Taiwan had blocked the importation of certain meat products containing ractopamine, an animal feed additive that is banned in most countries.