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What is a free trade agreement and why is it important for Taiwan? |
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A free trade agreement is a form of trade agreement authorized under the rules of the World Trade Organization (WTO). Under an FTA, two or more trading partners agree to remove tariffs and other barriers to trade to promote mutual economic growth and achieve greater economic integration. Taiwan is the 9th largest trading partner of the U.S. overall, and the 5th largest market for U.S. agricultural exports.
In terms of economic security, the objective of forging closer economic ties through FTAs is very important for Taiwan. We understand FTAs can lead to “trade creation” and “trade diversion,” thereby changing the competitive conditions our exporters face, sometimes favorably and sometimes not so favorably. For example, the U.S. has launched FTA negotiations with several of Taiwan’s neighboring countries, including Korea (concluded), Malaysia and Thailand, and many of these countries’ products compete directly with those of Taiwan in the U.S. market. Added to that are China’s efforts to develop deeper trade relations with the 10-member ASEAN group. If such efforts succeed, the resulting scenario would be troubling for Taiwan, since we could face being bypassed by this wave of regional economic integration. Trade and investment flows would be diverted from Taiwan to other destinations in Asia where FTAs are in place. Such an outcome would result in negative consequences for Taiwan’s future economic development and competitiveness.......【TOP】 |
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Why would a free trade agreement with Taiwan be good for the United States? |
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The U.S. has traditionally been Taiwan’s largest trading partner and largest investor, and Taiwan’s industries are largely complementary to those of the U.S. In economic studies that have been done on a U.S.-Taiwan FTA, the analysis shows that U.S. exports would grow by as much as $6.6 billion annually, more than the U.S. has gained from many of its other FTAs. In addition, these studies show that the overall welfare gains to the U.S. economy are greater than those from 10 other current or potential FTA partners, including Australia, Singapore, Chile, Morocco, Central American countries and Malaysia.
Taiwan’s economy is highly complementary with that of the United States, contrasted with that of South Korea, for example. U.S. and Taiwan companies have already worked closely together in the electronics and IT sectors. In addition, Taiwan’s firms have moved up the value chain in the types of goods and services they supply to U.S. companies. More generally, Taiwan plays an increasingly important role in today’s globalized economy by helping to integrate U.S. industries’ supply chain systems and logistics with suppliers within Taiwan and across the wider Asia Pacific region. An FTA between the U.S. and Taiwan makes a lot of economic sense.......【TOP】 |
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What industries stand to gain from the U.S.-Taiwan FTA? |
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Taiwan’s economy is already very open to U.S. exports. We have removed many barriers and lowered tariffs as a result of our accession to the WTO on January 1, 2002. The studies performed on the gains from a U.S.-Taiwan FTA show clear benefits for the U.S. in areas like financial services, transportation, education and telecommunications. U.S. agricultural exports should also increase – we estimate by as much as $500 million per year. The U.S. and Taiwan information technology industries are already very closely intertwined. We would expect cooperation in the IT sector to deepen and grow under the FTA. In general, in view of the complementary industrial structure of our two countries, an FTA between the U.S. and Taiwan would produce broad-based gains for both economies, while largely avoiding disruptions or economic displacement as a result of trade competition.......【TOP】 |
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How can Taiwan negotiate a free trade agreement with the United States since China is certain to object? |
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It is true that we can expect China to oppose anything that Taiwan proposes. At the same time, U.S. officials have been clear in stating that China does not have a “veto” right over U.S. trade policy. From an economic standpoint, it is logical for two close trading partners, such as Taiwan and the U.S., to pursue further trade liberalization through negotiation of an FTA. In addition, the Taiwan Relations Act sets out the basic legal framework for U.S.-Taiwan bilateral relations, and an FTA would certainly be consistent with the aims of that Act, as the FTA would provide a way to promote and solidify bilateral economic ties. It is important to remember that Taiwan and the United States have in place more than 100 bilateral trade agreements governing specific aspects of the economic relationship.
The WTO provides the international legal framework for negotiating FTAs. As a WTO Member, Taiwan can pursue regional and bilateral trade agreements with any other WTO Member, as long as it honors the specific WTO rules in doing so......【TOP】 |
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Does Taiwan have FTAs with any other WTO Members? |
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Yes. Taiwan has negotiated FTAs with several trading partners in Central America. Agreements are in place with Panama, Guatemala and Nicaragua. We have completed FTA negotiations with El Salvador and Honduras. Taiwan is in the process of negotiating an FTA with the Dominican Republic. We have also approached others in Asia. We are hopeful that after our successful launch of negotiating an FTA with the United States first, then they could follow.......【TOP】 |
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Are Taiwan’s relations with mainland China improving? I’ve heard that there are 500,000 Taiwanese living and working on the mainland. |
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It is true that Taiwan is a leading investor in China’s economy. Taiwan’s businesses have helped to integrate Chinese companies into global supply chains. For the time being, there is a natural division of labor between Taiwan and China. Companies can perform higher value-added operations in Taiwan, while outsourcing simpler operations to the mainland. But this will change over time as costs in the mainland increase, and as China gains managerial and competitive skills of its own. Taiwan, meanwhile, is transforming itself to a knowledge-based economy and expanding the role of services in production.......【TOP】 |
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How are cross-straits relations changing as Taiwan and China do more business together? |
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Taiwan has made several policy adjustments, including broadening the range of industries permitted to invest in China and continuing to broaden the range of Chinese products permitted for import into Taiwan. Both sides of the strait have reached agreement on allowing direct charter passenger and cargo flights during designated periods. A total of 168 direct charter passenger flights will operate between Taipei and Kaohsiung and Shanghai, Beijing, Guangzhou and Xiamen around specified traditional holidays. It is hoped that after a successful trial period for such services, more regular direct transportation links can take place across the strait in the future. Taiwan is also in the process of opening up to more tourist visits from the mainland.......【TOP】 |
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How can we be sure that products being imported under a U.S.-Taiwan FTA are really from Taiwan, and not from China? |
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All FTAs have “rules of origin” that specify how much content from within the free trade area must be present to qualify a product as “originating” under the FTA. The U.S. and Taiwan under an FTA would develop detailed rules of origin spelling out how manufactured products and inputs would qualify for FTA duty-free treatment. The rules would be structured to allow some content from outside the FTA to be included in products and supply chains, but they would be intended to ensure that the benefits of the FTA accrue to the FTA parties, and not to those outside the FTA.......【TOP】 |
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The President’s Trade Promotion Authority expires at the end of June. What effect will this have on Taiwan’s plans to pursue an FTA with the U.S.? |
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Other governments generally will only negotiate trade agreements with the United States if they can be sure that the agreement they have negotiated will not be changed when it reaches Congress for approval. The importance of Trade Promotion Authority (TPA) is that it provides for a “yes-or-no” vote on trade agreements in Congress, without amendments and within certain timeframes. Taiwan has won considerable support from the U.S. Congress for negotiating a bilateral FTA agreement. We would prefer to proceed with the FTA negotiations once TPA is again in place, which we hope will happen soon. In the meantime, we will continue our efforts to promote negotiation of the U.S.-Taiwan FTA with the private sector, Members of Congress, and important decision makers in the U.S.......【TOP】 |
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Some have suggested that Taiwan could take a “building blocks” approach to the FTA – negotiating individual bilateral agreements on government procurement, investment and other issues. Is this a viable approach for Taiwan to pursue? |
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Taiwan is in fact considering putting certain “building blocks” in place toward an eventual FTA. We have discussed with USTR and other U.S. officials the possibility of negotiating a bilateral agreement on government procurement and a bilateral investment agreement. Working on the government procurement and investment agreements provides a “bridge” to the FTA, because these can form the basis for FTA chapters on procurement and investment. We think that a “building block” approach is also a good way to keep momentum going on closer bilateral economic ties while we continue pushing toward a launch of FTA negotiations in the near future.......【TOP】 |
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The U.S. and Taiwan already have a Trade and Investment Framework Agreement (TIFA) in place. Can this lead to an FTA? |
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Our bilateral Trade and Investment Framework Agreement (TIFA) has been in place since 1994 and has allowed the U.S. and Taiwan to make progress in resolving a number of economic issues of mutual interest – including improved protection for intellectual property rights, access for U.S. rice and pharmaceuticals products, and liberalization of the telecommunications sector. U.S. trade officials suggested that we use an “enhanced TIFA” process to reach new bilateral agreements in areas like government procurement and investment. Taiwan considers the “enhanced TIFA” process as a step toward eventual negotiations on a bilateral free trade agreement.......【TOP】 |
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How will a bilateral free trade agreement with the United States benefit Taiwan? |
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Taiwan’s economy is highly complementary to that of the United States. U.S. and Taiwan industries already cooperate intensively in many high tech areas, particularly in the information technology sector. The FTA will provide opportunities for broader economic cooperation in additional sectors, and to attract new areas of investment from the United States. The FTA would also encourage Taiwan to put additional economic reforms into place, making our economy more efficient overall. We think that the FTA will also help us integrate more effectively with the rest of East Asia, as FTAs with other trading partners in the region are likely to follow that with the United States.......【TOP】 |
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The U.S. has concluded negotiations with South Korea on a bilateral FTA. How will this affect U.S.-Taiwan trade relations? |
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Taiwan’s expectation is that the KORUS FTA between South Korea and the United States will result in “trade diversion” from Taiwan to South Korea. Because South Korea and Taiwan both produce many similar products (semiconductors, flat panel displays are two examples), the U.S. FTA with South Korea could mean that trade in such products will shift from Taiwan to Korea. An FTA between Taiwan and the U.S. would help to “level the playing field” for us.......【TOP】 |
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How will an FTA between Taiwan and the United States help Taiwan integrate better with the rest of East Asia? |
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Taiwan views the FTA with the U.S. as a means of diversifying its economic and investment relations with trading partners. Closer economic ties between Taiwan and the U.S. are important for their own sake. In addition, we approached trading partners in Asia to explore possibilities for FTAs, and we hope after we start with the United States, they could follow the U.S. lead. With the WTO Doha negotiations faltering, our partners in Asia have negotiated a complex network of FTAs and cooperation agreements that, for the moment, exclude Taiwan. Once we complete an FTA with the United States, we believe that many other doors will be open to us in Asia. In this way, the FTA with the U.S. becomes a key feature of our future economic competitiveness in our region and with the rest of the world.......【TOP】 |
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The Democrats in Congress want stronger emphasis on labor and environment issues in trade agreements. What is Taiwan’s view on negotiating on labor and environment issues? |
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Taiwan has an excellent record on labor and environmental policies. We do not see these issues as an impediment for us in a free trade agreement.......【TOP】 |
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In what areas are U.S. agricultural exports to Taiwan likely to expand under the FTA? |
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Taiwan has long been one of the major export destinations for U.S. farm products, from wheat to corn to pork. In 2005, for example, U.S. farm exports to Taiwan totaled $2.3 billion. This strong trade relationship suggests that an FTA with Taiwan could provide great benefits for the U.S. farmers and ranchers. Taiwan is already a leading market for U.S. exports of U.S. soybeans, feed grains, apples, peaches, plums, cherries, apricots, corn, celery, lettuce, cabbage, asparagus, broccoli, onions and bovine hides. Economic studies on the FTA suggest that Taiwan would be a very promising market for U.S. exports of fish, foodstuffs and processed foods.......【TOP】 |
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I’ve read that Taiwan wants to be an innovation hub in Asia. How would an FTA with the United States help bring this about? |
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Taiwan has an edge in the high tech sector already. A number of multinational firms have established “R&D centers” in Taiwan, and use Taiwan as a base of operations for the rest of East Asia. An FTA with the United States would accelerate this trend. Taiwan’s strong record of achievement in protecting intellectual property rights would be further enhanced under an FTA, making us even more attractive as a destination for high tech investment in Asia. We are upgrading Taiwan’s infrastructure and transforming ourselves to a “knowledge-based economy” in anticipation of these changes.......【TOP】 |
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What effect will a U.S.-Taiwan FTA have on U.S.-China relations and on China’s booming economy? |
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With Taiwan still a leading investor in China’s economy, an economically stronger Taiwan is good for the Chinese economy. Taiwan has recently decided to diversify its investment relations in Asia, and negotiating the FTA with the U.S. would open doors to Taiwan to negotiate similar agreements in the Asia Pacific region and elsewhere. The U.S.-Taiwan FTA serves as a confidence-building mechanism that will permit Taiwan to be more open towards China.
The U.S.-Taiwan FTA need not be inconsistent with growing trade between China and the United States. Depending on how the rules of origin for the agreement are structured, there may be scope, for example, for inclusion of some Chinese content in goods qualifying under the agreement.......【TOP】 |
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Some people believe that Taiwan’s FTA initiative with the United States is more political than economic. What is your view? |
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We have concentrated on the economic merits of an FTA between the United States and Taiwan. At the same time, it can be said that every FTA is both economic and strategic. The FTA would help Taiwan address geostrategic issues in Asia, such as negotiating FTAs with Japan and Singapore, and would assist Taiwan in diversifying its trade and investment relationships with key trading partners.......【TOP】 |
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The mid-term elections last year in the U.S. changed the composition of Congress in ways that may have increased the legislature’s anti-trade sentiment. With the President’s Trade Promotion Authority expiring on June 30, 2007, and new legislation required to extend it beyond that time, why is Taiwan continuing efforts to pursue negotiation of a bilateral free trade agreement with the U.S. when prospects for TPA renewal overall do not look very favorable? |
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We understand the fact that Trade Promotion Authority is expiring, and it is not clear whether it will be renewed immediately. However, there are several reasons why Taiwan is determined to keep pushing for an FTA with the U.S. at this juncture. First, whether TPA is renewed or not, the United States will continue to pursue international, regional and bilateral trade objectives. Second, in the past the United States has launched free trade agreements without Trade Promotion Authority (also known as “fast track” authority) being in effect. Third, agreements - even quite complex ones such as FTAs - can be approved and implemented without TPA. The best example of this is probably the US-Jordan FTA. Like Jordan, Taiwan has unique geopolitical significance to the United States, and we believe, on the economic merits, that an FTA between the U.S. and Taiwan will be beneficial for both economies. Fourth, the Bush administration has stated its intention to pursue new TPA legislation, and USTR is consulting with Congress to achieve that objective. Convinced that closer trade ties between Taiwan and the United States will bring great mutual benefits, we consider that the U.S.-Taiwan FTA offers an excellent example of the value of trade liberalization for both our economies. For all these reasons, we intend to continue our efforts to work with the Administration to launch FTA negotiations with Taiwan in the near future.......【TOP】 |
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Are there any industries in Taiwan or in the U.S. which will be adversely affected by U.S.-Taiwan FTA? What will Taiwan government do to address concerns voiced by its vulnerable industries regarding the FTA? Is Taiwan really well prepared to launch an FTA with the U.S.? |
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Yes. Taiwan is in a good position to begin negotiations on an FTA with the U.S. The Taiwan government has already reformed many of its policies regarding the few trade barriers cited by the U.S., including in the pharmaceuticals sector and in strengthening intellectual property rights protections. As may be the case in the U.S., some industries in Taiwan will face increased competition as a result of the FTA, but we think these will be few for either side because of the high complementary nature of our two economies. Where needed, there are mechanisms which can be used in trade agreements to mitigate any adverse effects. For instance, during Taiwan’s WTO accession we used tariff rate quotas (TRQs) or long phase-in periods, to help Taiwan producers with adjusting to more open market conditions in certain instances. Additionally, it may be feasible for Taiwan to institute a Trade Adjustment Assistance-type program, similar to the U.S. program, to help any workers displaced by trade agreements with new training opportunities and other assistance. It is important to note, as well, that Taiwan may have to liberalize these sectors as part of multilateral negotiations in the WTO.......【TOP】 |
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At the APEC meetings in Hanoi last year, it was announced that APEC members will study the feasibility of negotiating a “Free Trade Agreement of the Asia-Pacific” (FTAAP) that could serve as a back-up plan for liberalizing trade in the region, in case the Doha Round of negotiations at the WTO cannot achieve substantive breakthrough shortly. What does the FTAAP mean for the FTA between the United States and Taiwan? |
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We understand that APEC members are in the process of studying the FTAAP idea and will report their findings at the APEC Leaders’ meeting in September this year in Sydney. In addition, according to Ambassador Michael W. Michalak, the senior U.S. official for APEC, we understand that the U.S. supports the initiative of FTAAP as a long-term goal. In the short term, however, the U.S. intends to concentrate its efforts on the Doha negotiations, working with Congress to renew the President’s Trade Promotion Authority, and to get approval of its FTA with Peru, Columbia, Panama and South Korea.
We support the idea of placing priority on concluding the WTO Doha Round negotiations successfully. We also concur with the U.S. that the FTAAP could provide a long-term framework for moving comprehensive trade liberalization forward among APEC’s 21 member economies. Taiwan will also look forward to discussing the FTAAP concept with our APEC partners. In addition, Taiwan has set a short-term goal to launch FTAs with key trading partners like the United States. Taiwan’s efforts to negotiate bilateral FTAs would help to preserve and maintain momentum for promoting open, fair and free trade liberalization at the WTO and in APEC.......【TOP】 |
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With the President’s Trade Promotion Authority expiring on June 30, 2007, and new legislation required to extend it beyond that time, why is Taiwan continuing efforts to pursue negotiation of a bilateral free trade agreement with the U.S. when prospects for TPA renewal overall remain uncertain? |
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With the Doha Round of multilateral trade negotiations at the World Trade Organization needing to continue beyond June 2007, there are compelling reasons for extending the President’s Trade Promotion Authority. We therefore support the renewal of TPA.
Many countries, in addition to Taiwan, have expressed interest in negotiating bilateral free trade agreements with the United States, despite the fact that TPA is expiring and may not be renewed immediately. It is important for Taiwan to be in the U.S. FTA “queue” because we believe we are an excellent candidate for a future bilateral FTA with the United States.
We have reached out to the private sector and to U.S. decision makers and have received expressions of support for our FTA from Members of Congress, from the International Intellectual Property Alliance (IIPA), and from individual businesses and state officials. They agree with us that on the economic merits, an FTA between the U.S. and Taiwan will be beneficial for both economies. It is more important than ever for Taiwan to continue its efforts to advance support for free trade in the United States, as well as to focus attention specifically on the benefits of a free trade agreement between the United States and Taiwan.......【TOP】 |
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Some people question whether Taiwan can serve as an effective springboard from which U.S. firms can effectively enter the Chinese market. They point to flight times between Taipei and Shanghai, for instance, being longer than those from Shanghai to Jakarta, Indonesia. In light of such realities, can Taiwan continue serving as a gateway to China? |
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When evaluating competitiveness levels among economies, there are always numerous factors to take into account. Transportation and logistics factors are important, but they are not the only metric that investors must consider when deciding how best to enter China’s huge market.
Taiwan companies have already shown their ability to penetrate China’s market successfully, and to find ways to operate effectively inside China. Taiwan firms manage many operations within China. They have also integrated many Chinese manufacturers into global and regional supply chains and networks.
The question for the future is whether other locations in Asia can perform these functions as effectively as Taiwan has done. Taiwan, for instance, has had success in recent years in becoming an “innovation hub” for U.S. firms in Asia. U.S. firms have established research and development centers in Taiwan, taking advantage of our infrastructure, human resources and policies of strong protection for intellectual property. This keeps high value-added operations in Taiwan, and allows less sophisticated operations to be performed in China or elsewhere in Asia.
We in Taiwan have continued efforts to invest in infrastructure, to train engineers and highly-talented researchers and to offer world-class IPR protection. We continue to upgrade services in our economy and are focused on becoming a “knowledge-based” economy. We think that these policies will give Taiwan advantages in high-tech sectors that will not exist elsewhere in the region. We can use these resource endowments effectively to maintain Taiwan’s competitive edge in Asia, which in turn, help Taiwan serve ideally as the gateway both to China and the rest of the Asian region.......【TOP】 |
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The slow growth of trade between the U.S. and Taiwan has prompted some U.S. firms to move operations to faster-growing China. Under these circumstances, how can Taiwan raise U.S. business confidence and attract more U.S. firms to invest in Taiwan? |
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The picture for U.S.-Taiwan trade relations varies according to sectors. High-tech cooperation, particularly in the ICT sector, continues at a brisk pace. Taiwan also offers interesting opportunities to U.S. firms in areas such as financial services, transportation, education services and telecommunications. An FTA between the U.S. and Taiwan will create new opportunities in agriculture, particularly for processed foods, the automotive sector and in a number of services sectors.
Taiwan’s respect for rule of law, the protection of IPR, and the transparency and openness of Taiwan’s economy, also play important roles in building U.S. business confidence in Taiwan’s market. While China will represent an attractive investment opportunity for some U.S. firms, for others Taiwan will remain the preferred alternative. We believe that the negotiation of an FTA between the United States and Taiwan will also favorably affect U.S. business confidence in Taiwan. In the few areas where our economy has been more closed, the FTA will encourage U.S. firms to take a new look at Taiwan. If China adopts more protectionist policies, as some allege is now happening, U.S. firms are likely to take another look at increasing their investment in Taiwan. Under such circumstances, the existence of the U.S.-Taiwan FTA would be an overall plus in the eyes of many.......【TOP】 |
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Some believe that a “piecemeal” approach to liberalization under the existing TIFA may provide useful “building blocks” toward an FTA – e.g., negotiating a double taxation agreement, a bilateral investment agreement, a bilateral understanding on IPR or opening the rice market, for example. What would this “building block” approach mean for Taiwan? |
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Taiwan has agreed to consider a “building block” approach under the “enhanced TIFA” framework as a way to keep the bilateral liberalization dialogue going. A bilateral investment agreement and a bilateral government procurement agreement can form the basis for the investment and government procurement chapters of an FTA, for example. The approach could be especially useful if the President’s Trade Promotion Authority were to lapse for a period of time. Using the “building block” approach would allow Taiwan to keep momentum for liberalization going by building political and business support in favor of the FTA. A bilateral investment agreement or double taxation agreement would be seen by the U.S. and Taiwan business communities as “good faith” efforts by both governments to work toward broader liberalization. Meanwhile, Taiwan can continue to advocate in favor of the FTA, and argue for launch of FTA negotiations once TPA is again in place.......【TOP】 |
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With the agriculture sector in Taiwan possibly experiencing the greatest need for adjustment as a result of the bilateral FTA, some people have suggested that it could be a “deal breaker”. Can Taiwan promise to open rice market? Are farmers in Taiwan prepared for an FTA? |
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Taiwan’s economy is relatively open in most manufacturing sectors and for many service sectors. The agriculture sector, by contrast, has liberalized to a lesser extent, although many tariff barriers were lowered as a result of Taiwan’s accession to the WTO in 2002. The government already has in place a number of programs to encourage Taiwan’s farmers to specialize in horticultural products and higher value-added production to help them adjust to the opening of the market that has taken place so far.
The rice sector is one area that will need special attention from the government as Taiwan’s economy continues to undergo liberalization. Direct financial assistance to farmers by the government (not tied to production) is one of the ways under consideration to manage the transition. Training in shifting to other crops could be undertaken, as can programs to improve product quality and assist with marketing efforts as farmers move into new product lines.
The U.S. insists that its FTAs be “comprehensive” and cover all sectors, including agriculture. Therefore, the government’s success in implementing adjustment programs in response to agricultural liberalization already undertaken will demonstrate Taiwan’s commitment to following through on negotiated reforms (including, for example, with liberalization resulting from the Doha Round of negotiations in the WTO). Taiwan’s track record in successfully adopting agricultural adjustment reforms will be reassuring to U.S. officials, and especially to advocates of initiating the FTA. The existence (and success) of such programs will be one of many factors the U.S. will evaluate when assessing Taiwan’s overall readiness for entering into bilateral FTA negotiations.......【TOP】 |
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Will Taiwan’s economy be impacted by an FTA with the US? How will an FTA with the US help Taiwan’s future competitiveness? |
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First and foremost, an FTA between Taiwan and the United States would keep Taiwan from being isolated from economic integration efforts that are moving forward within our own region. Others in Asia are more likely to negotiate FTAs with Taiwan once an agreement is in place with the U.S. The FTA with the United States is important because it will open doors to us in Asia.
Second, the FTA with the United States would be an important step in helping Taiwan to diversify its foreign direct investment and trade ties. As our neighbors in Asia grow and develop further, a network of FTA agreements between Taiwan and key trading partners in Asia would help to create new opportunities for Taiwan’s firms in the future. Trade and investment are not zero-sum in nature. Competitive conditions among countries change over time. Such changes lead to new gains and opportunities. The FTA with the United States would assist Taiwan’s future competitiveness, globally as well as in the Asian region.......【TOP】 |
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