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Benefits of the US-Taiwan FTA » State by State
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Washington  
In 2005, Taiwan was Washington・s 4th largest export market. Exports to Taiwan were valued at $3.12 billion, posting a 45.83% increase. Leading exports include transportation equipment, IT products, machinery, plastics, food, and agricultural products. Statistics show that Washington・s exports to Taiwan have gradually increased in recent years. Companies from Washington, such as Costco Wholesale, Microsoft and Starbucks have also invested in Taiwan, while Taiwan・s TSMC has also invested in Washington. Both sides share close economic and commercial ties.
International trade is crucial to Washington・s economic development. In the past 30 years, foreign trade has created 50% of the jobs in the state. Washington・s main industries include aerospace, the IT sector, agriculture and services. Taiwan is a potential market for Washington・s products and services, and there is still much room for further growth. Based on these close economic ties, if the Taiwan-U.S. Free Trade Agreement (TUFTA) is signed, tariff reductions and greater trade facilitation will provide the state with significant opportunities for increasing exports to Taiwan and developing industries in Washington.
Indeed, products from Washington・s leading industries are in high demand in Taiwan. This demand will only intensify under TUFTA as tariff rates on most agricultural and industrial products will drop to zero immediately. Taiwan enjoys an advantageous geographic position in East Asia, and Taiwanese businessmen have valuable experience building market channels in the Greater China Market. In addition, incentives and advantages from an FTA would help companies in Washington use Taiwan as a springboard for penetrating Asian markets. In the hope of strengthening economic ties between the U.S. and Taiwan, including business opportunities for Washington, Taiwan has been pushing for the signing of TUFTA.
As of August 2006, the TUFTA proposal has been endorsed by a total of 49 legislatures in 28 states, the Council of State Governments and related groups. We hope that the administration, the Senate and the House of Representatives of the State of Washington will similarly convey their strong support for TUFTA to the Bush Administration.
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