Taiwan must be part of regional economic
integration as this is key to boosting the island’s trade and sustainable
development, according to ROC Economics Minister Shih Yen-shiang June 7.
“The
country will be marginalized if it does not forge more trade partnerships with
countries in the Asia-Pacific region and rest of the world,” Shih said. “The
Ministry of Economic Affairs is leaving no stone unturned in its efforts to
achieve this goal.”
Shih
made the remarks at a news conference upon returning from the Asia-Pacific
Economic Cooperation ministerial meeting on trade in Kazan, Russia.
With
the focus of this year’s meeting on economic integration, Shih said APEC
economies are stepping up efforts to promote regional trade and investment
liberalization.
The
Association of Southeast Asian Nations, for example, is planning to establish
the Framework for Regional Comprehensive Economic Partnership, an arrangement
integrating members with their ASEAN Plus One partners such as Australia,
India, Japan, New Zealand, South Korea and mainland China, Shih said.
Another
example, the minister said, is the U.S.-initiated Trans-Pacific Partnership.
The TPP
is a proposed trade agreement comprising negotiating partners Australia,
Brunei, Chile, Malaysia, New Zealand, Peru, Singapore, Vietnam and the U.S.
Three other nations, Japan, Mexico and South Korea, are also seeking to join
discussions on the nascent pact.
In
addition, Russia is planning to open the Eurasian Economic Commission to more
countries from the Commonwealth of Independent States. Only Belarus, Kazakhstan
and Russia are members of the EEC at present.
Against
this backdrop, Shih said one of the top priorities for the central government
is strengthening economic relations with the U.S.—Taiwan’s third largest
trading partner—by resuming talks under the bilateral Trade and Investment
Framework Agreement.
“Restarting
TIFA talks will give greater impetus to a number of important measures,
including the APEC initiative slashing tariffs on environmental goods and
services, and the World Trade Organization’s Information Technology Agreement,”
he said.
Expanding
economic exchanges with mainland China is another step taken by the government
to fast-track Taiwan’s regional integration, Shih said, adding that Beijing and
Taipei are likely to conclude an investment agreement during scheduled talks
later this month under the Cross-Straits Economic Cooperation Framework
Agreement (ECFA).
The
minister said the government has also commenced negotiations on the Agreement
between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen
and Matsu on Economic Partnership, and completed a feasibility study with New
Zealand on an economic cooperation pact. (JSM)
Write
to Rachel Chan at ccchan@mofa.gov.tw
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