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Last updated 13 hours ago | Thursday, October 21, 2010
The European Chamber of Commerce Taipei (ECCT), in a recent paper, has said that, while recent developments have helped to improve Taiwan?s economic prospects, the lack of a free trade agreement (FTA) with major trading partners, such as the European Union (EU), is one of the factors holding Taiwan back from greater prosperity.
While the ECCT?s opinion is that Taiwan is already a good place to do business for multinational firms, and that things are likely to improve thanks to the trade agreement with Mainland China and a lower corporate tax rate, studies in recent years have made a strong case for an FTA between Taiwan and the EU.
Those studies considered a potential EU-Taiwan Trade Enhancement Measures (TEM) agreement. Previously, the ECCT says, ?hostile relations with Beijing prevented the development of ?normal? cross-Strait commerce and increased Taiwan's global isolation. Because Taiwan?s trading partners were afraid of reprisals from Beijing, Taipei was excluded from bilateral and regional free-trade agreements. Now that cross-Strait relations have improved, it is hoped that Taiwan can pursue FTAs with its major trading partners, including a TEM with the EU.?
It adds that the case for greater EU-Taiwan partnership lies in the fact that European business collectively constitutes the largest group of foreign investors in Taiwan with a cumulative EUR23.9bn (USD33.2bn) invested in Taiwan. European companies are involved in all major sectors of the Taiwanese economy.
Looking ahead, it states, ?there is a great deal of potential for more cooperation between European and Taiwanese firms particularly given specific expertise in certain areas, which coincide with the Taiwan government?s development goals. European firms are global leaders in all of the government?s six targeted industries - tourism, medicine and health care, biotechnology, green energy, culture and creativity, and high-end agriculture.?
According to a 2008 study, measures in a TEM with the EU would boost Taiwan?s annual gross domestic product by EUR3.8bn, or about 1%. Taiwanese exports to Europe would increase by almost EUR10bn, in particular benefiting Taiwanese manufacturers of electronics and machinery, other manufacturing (including textiles and clothing) and service providers, particularly transport services such as shipping.
The ECCT recognizes that ?Taiwan?s future economic prosperity will depend on more than one trading partner. It is hoped that the agreement with China will lead to further trade agreements and that a TEM or similar trade agreement with the European Union would act as a catalyst for more EU-Taiwan business partnerships.?
In fact, the ECCT points out that ?an EU-Taiwan FTA should not be seen in isolation. There should be no legal obstacle to Taiwan pursuing trade deals with other countries since Taiwan is a separate customs territory, a member of the WTO, the Asia-Pacific Economic Cooperation grouping and the Asian Development Bank. Taipei already has bilateral agreements on taxation, investment and other matters with a wide range of countries which do not recognize Taiwanese sovereignty.?
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