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Taipei, Manila expand economic cooperation

MOEA Minister Shih Yen-shiang (left) and his Philippines counterpart Gregory L. Domingo field questions from the media after signing five economic cooperation letters of intent Aug. 17 in Taipei City. (CNA)

• Publication Date：08/20/2012
• Source： Taiwan Today
• By  Rachel Chan

Taiwan and the Philippines inked five letters of intent Aug. 17 in Taipei City to expand economic cooperation, according to the ROC Ministry of Economic Affairs.

“Now is a critical time for ROC-Philippines trade and respective economic performance,” MOEA Minister Shih Yen-shiang said. “We must seize the opportunity to bolster exchanges across all sectors.”

Shih and his Philippines counterpart Gregory L. Domingo signed the letters during the 18th round of bilateral trade talks. They encompass certifying merchandise and electronic certificates of origin, as well as boosting development of information technology-enabled services, small and medium enterprises and the footwear manufacturing industry.

The two sides also discussed ways of establishing links between Taiwan export processing zones and the Southeast Asian nation’s Clark Special Economic Zone and Subic Bay Freeport Zone.

According to MOEA spokesman Huang Shih-chou, the potential coupling of free trade zones in Taiwan and the Philippines makes good business sense and can boost the former’s presence in the Association of Southeast Asian Nations market.

This initiative is in line with ROC government policy of including Taiwan in regional economic integration and signing trade pacts with economies worldwide, he added.

Taiwan and the Philippines launched a feasibility study on an economic cooperation agreement in July. To date, Indonesia, India, New Zealand and Singapore are assessing the merits of concluding ECAs with the ROC. (JSM)

Write to Rachel Chan at ccchan@mofa.gov.tw