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Benefits of the US-Taiwan FTA » State by State
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Vermont  
The United States and Taiwan share a close trade relationship. According to U.S. statistics, bilateral trade between Taiwan and the U.S. reached $61.2. billion in 2006, while Vermont・s total exports for that year reached $3.81 billion, in which the exports to Taiwan totaled $303 million. Vermont・s major exports to Taiwan include computer and electronic products ($295.7 million, 97.3% of the value of total exports to Taiwan), food and related products, chemicals, fabricated metal products, and non-electrical machinery. Taiwan is now Vermont・s 2nd largest export market, next only to Canada. In order to further strengthen the trade and investment relationship between Vermont and Taiwan, Taiwan is actively promoting the signing of a U.S. and Taiwan Free Trade Agreement (the U.S.-Taiwan FTA). We are pleased to see that the Vermont House of Representatives passed a resolution in support of the U.S.-Taiwan FTA in March 2007.
Next to services, manufacturing is the 2nd largest industry in Vermont, with 2,000 companies and 37,000 employees. Vermont・s manufacturing sector produced U.S. $2.2 billion worth of products. The state・s principle industrial products include electrical equipment, fabricated metal products, environmental equipment, printing and publishing, and paper and related products. Vermont, with 78% of its area covered by forest, also has a long history of manufacturing wood products, such as furniture. In addition, processed agricultural products, environmental protection, information technology, and the natural stone industries are emerging sectors in Vermont. Since Taiwan is very good at design and technical improvement, Vermont would be an ideal place for Taiwanese investors. Accordingly, the signing of the U.S.-Taiwan FTA would bring in more Taiwanese investment and create more trade opportunities for Vermont.
Export-supported jobs accounted for an estimated 18.6%, or nearly one-fifth, of Vermont's total private-sector employment. This is more than three times the national average of 6.5% and the highest percentage among all 50 states. With manufacturing making up 97% of Vermont's exports, more than one-third (38.4%) of all manufacturing workers in Vermont depend on exports for employment. This is the 2nd highest figure in the U.S. It is clear that expansion of foreign markets, especially with Taiwan, would only strengthen Vermont・s economy. Among manufacturing products, the state's leading export category is computer and electronics products, which accounted for $2.99 billion (78.4%) of Vermont's total merchandise exports in 2006. Taiwan is one of the four major manufacturing bases of computer and electronics products in the world. The market and trade opportunities are worthy of exploration by Vermont・s businesses and investors. Other top manufactured exports in 2006 included non-electrical machinery, transportation equipment, and fabricated metal products. The signing of the U.S.-Taiwan FTA would enable Vermont to expand exports of manufactured goods to Taiwan, especially exports of electrical equipment and machinery. Furthermore, the agreement would not only stimulate the development of Vermont・s manufacturing industries, but also help Vermont・s products and services enter Asia-Pacific markets via Taiwan.
Taiwan has been Vermont's fastest growing market since 1999. Today, Taiwan is the state・s 2nd largest export market, next only to Canada. Taiwan has become a very important market for Vermont, and we believe that Vermont will benefit greatly from the U.S.-Taiwan FTA. As of April 2007, the U.S.-Taiwan FTA proposal has been endorsed by a total of 64 legislatures in 38 states, the Council of State Governments and the National Association of Secretaries of State. We hope that the administration and the Senate of the State of Vermont will further express their support for the U.S.-Taiwan FTA to the Bush Administration.
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