The ROC government will continue improving Taiwan’s regulatory environment so as to promote trade liberalization and pave the way toward entry into regional trade pacts such as the Trans-Pacific Partnership, according to the Council for Economic Planning and Development June 6.
“The government is leaving no stone unturned in preparing for TPP membership,” CEPD Minister Kuan Chung-ming said. “Trade liberalization and internationalization of the economy are key factors in strengthening the nation’s regional trade standing.”
Kuan’s remarks follow the release of the latest Taiwan White Paper by the American Chamber of Commerce in Taipei. The document contained a recommendation that the government bolster the local investment climate, participate in regional trade groupings and ensure energy needs continue being met.
The minister said an important component of the government’s drive for TPP participation is the free economic zone initiative.
At present, the FEZ project comprises Taiwan’s five free trade ports―Keelung, Kaohsiung, Su-ao, Taichung and Taipei—as well as Taiwan Taoyuan International Airport. The first stage is set to kick off in July, with the second awaiting approval of an FEZ bill by the Legislature.
“Once up and running, we expect the FEZ initiative to trigger a steady stream of capital, goods, information and talent into Taiwan,” Kuan said. “We also believe that the resultant free business environment will entice more ROC expat businesspeople to bring their overseas operations home.”
In addition, Kuan said the government is committed to securing membership for Taiwan in the TPP. “We are working to reach consensus on market liberalization with local industries,” he said, adding that there is close public-private sector consultation on improving the local investment environment.
“No efforts will be spared informing industry of the benefits an easing of regulations will deliver and we are willing to work hand-in-hand on tackling the challenges that may arise,” he said.
“We also hope the U.S. will support Taiwan and assist the nation in joining international trade pacts so as to further develop mutual benefits.” (KML-JSM)
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