Taipei, Nov. 8, 2012 (CENS)--In the wake of the reelection of the U.S. President Obama, the Executive Yuan (the Cabinet) will immediately push the "action program for strengthening Taiwan-U.S. economic and trade relationship." The international economic and trade alliance task force of the Executive Yuan resolved yesterday (Nov. 7) to achieve the goal of joining Trans-Pacific Partnership (TPP) agreement in eight years by liberalizing domestic economy and trade on one hand and soliciting external support on the other.
The action plan calls for efforts both via the official and private channels. In the official aspect, the government will strive to sign trade and investment framework agreement (TIFA) with the U.S. as a major platform for interaction and engage in regular dialogue with the U.S. Department of Commerce and Department of Energy for pushing industrial cooperative programs. Meanwhile, the government will take advantage of the power of the industrial sector and academics to strengthen Taiwan-U.S. economic and trade relationship.
The international alliance task force will be headed by Premier Sean Chen and will map out the strategies for joining TPP, strengthening Taiwan-U.S. economic and trade relationship, and signing free-trade agreements or economic cooperative agreements with trade partners.
Sean Chen noted that TPP is a high-quality and high-standard agreement, calling for high-extent economic and trade liberalization. He instructed related government agencies to undertake preparatory works as soon as possible.
Liang Kuo-hsing, vice economics minister, expected Taiwan and the U.S. to expand industrial cooperation and hoped to resume the talk on TIFA between Taiwan and the U.S. as soon as possible, following the reshuffle of the Obama Administration.
A ranking official of the Ministry of Economic Affairs (MOEA) remarked that traditionally the U.S. Democratic Party is not enthusiastic in pushing free trade agreement (FTA) and therefore the Obama Administration proposed TPP as an alternative economic agreement. The U.S. and the European Union is also negotiating for a cross-Atlantic agreement. However, it remains to be seen whether the Obama Administration will become more aggressive in signing FTA with other countries, in order to fulfill the plan of doubling the U.S. exports.
A U.S. delegation, consisting of representatives from U.S. Trade Representative, the Department of Commerce, the Department of Agriculture, the Department of State, and American Institute in Taiwan, already visited Taiwan in late October and discussed with MOEA officials over such issues as the signing of TIFA and strengthening of Taiwan-U.S. economic and trade relationship.
Liang Kuo-hsin pointed out that both parties discussed how to improve investment climate and strengthen cooperation in legislations, including the removal of investment barriers, promotion of digital economy, development of pharmaceuticals and medical devices, removal of trade barriers concerning standards and technologies, intellectual property, and participation of Taiwan in regional economic integration. Both parties had high consensus in signing agreement for e-commerce and mutual certification, in order to remove technology-related trade barriers.
(by Philip Liu)