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Benefits of the US-Taiwan FTA » State by State
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Colorado  
In 2006, Taiwan was Coloradoˇ¦s 3rd largest export market, with exports to Taiwan highly rocketing to $707 million, posting a 243.57% increase. Coloradoˇ¦s leading exports include computer and electronic products, food, machinery, plastics and rubber products. In comparison with U.S. $23 billion exports to Taiwan in 2006ˇAStill, there remain substantial opportunities for growth in Colorado-Taiwan trade. Accordingly, in the hope of strengthening economic ties between the U.S. and Taiwan, including business opportunities for Colorado, Taiwan has been pushing for the signing of a Taiwan-U.S. Free Trade Agreement.
Coloradoˇ¦s main industries include the aerospace, computer, telecommunication, and biotech sectors. 62% of the stateˇ¦s exports were high-tech products, one of the highest ratios in the U.S. Meanwhile, Colorado has targeted biotechnology, nanotechnology and optics industries for development. In light of the concentration of high-tech products among Coloradoˇ¦s exports and Taiwanˇ¦s surging demand for those products, it is clear that the tariff reductions, the removal of non-tariff barriers and greater trade facilitation would help Colorado export more products to Taiwan and stimulate the development of Coloradoˇ¦s industries.
In the past years, Taiwan businessmen have developed a considerable network in Asia, which could help Coloradoˇ¦s products and services enter Asia Pacific markets. The combination of favorable treatment under the U.S.-Taiwan Free Trade Agreement, Taiwanˇ¦s advantageous geographic position and Taiwanˇ¦s experience and marketing channels in the Great China market would help Coloradoˇ¦s entrepreneurs use Taiwan as a regional hub to penetrate Asian markets. Studies have shown that the economic advantages from an FTA with Taiwan may far exceed those from most FTAs that the U.S. has already signed. This is especially true for Colorado.
House of Representatives of Colorado has already passed a resolution supporting in 2007. As of April 2007, the U.S.-Taiwan Free Trade Agreement proposal has been endorsed by a total of 64 legislatures of 38 states, the Council of State Governments and related groups. Given the great benefits to Colorado made possible by the U.S.-Taiwan Free Trade Agreement, we hope that the administration, Senate and House of Representatives of the State of Colorado will similarly convey their strong support for the U.S.-Taiwan Free Trade Agreement to the Bush Administration
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