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Market Profile (Taiwan)

Market Profile of Taiwan 

(officially known as “Republic of China”)

Trade Profile

BASIC INDICATORS

 

 

 

 

 

 

 

 

 

Population (thousands, 2012)

 

 23 316

Rank in world trade, 2012

Exports

Imports

GDP (million current US$, 2012)

 

 474 172

Merchandise 

 

 

18

18

GDP (million current PPP US$, 2012)

 

...

excluding intra-EU trade

13

12

Current account balance (million US$, 2012)

 49 859

Commercial services

 

25

28

Trade per capita (US$, 2010-2012)

 

 27 704

excluding intra-EU trade

14

18

Trade to GDP ratio (2010-2012)

 

  141.3

 

 

 

 

 

 

 

 

 

 

 

 

Annual percentage change

 

 

 

 

 

2012  

2005-2012

2011

2012

Real GDP (2005=100)

 

  129

4

4

1

Exports of goods and services (volume, 2005=100)

  148

6

4

0

Imports of goods and services (volume, 2005=100)

  112

2

0

-2

 

 

 

 

 

 

 

 

 

 

 

 

TRADE POLICY

 

 

 

 

 

 

 

 

 

 

WTO accession

1 January 2002

Contribution to WTO budget (%, 2013)

1.568

Trade Policy Review

5, 7 July 2010

 

 

 

GPA accession 

 

 

15 July 2009

 

 

 

 

Tariffs and duty free imports

 

 

 

 

 

 

 

Tariff binding coverage (%) 

 

  100

 

MFN tariffs

 

 

Final bound

Applied 2012

 

 

Simple average of import duties

 

 

 

 

All goods

 

 

  6.3

  6.1

 

 

 

Agricultural goods (AOA)

  17.3

  16.4

 

 

 

Non-agricultural goods

  4.7

  4.5

 

 

 

Non ad-valorem duties (% total tariff lines)

  1.1

  1.1

 

MFN duty free imports (%, 2011)

 

 

 

 

in agricultural goods (AOA)

  45.9

 

 

in non-agricultural goods

  73.6

 

 

Services sectors with GATS commitments

  119

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MERCHANDISE TRADE 

 

 

Value

Annual percentage change

 

 

 

 

 

2012  

2005-2012

2011

2012

Merchandise exports, f.o.b. (million US$)

 301 181

6

12

-2

Merchandise imports, c.i.f. (million US$)

 270 473

6

12

-4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012  

 

 

 

 

2012

Share in world total exports 

  1.64

Share in world total imports 

1.45

Breakdown in economy's total exports

 

Breakdown in economy's total imports

 

  By main commodity group (ITS)

 

  By main commodity group (ITS)

 

Agricultural products

 

 

  2.3

Agricultural products

 

 

5.5

Fuels and mining products

 

  9.6

Fuels and mining products

 

32.8

Manufactures

 

 

 

  87.0

Manufactures

 

 

 

60.2

  By main destination

 

  By main origin

 

1. China

 

 

 

 

  26.8

1. Japan

 

 

 

  17.6

2. Hong Kong, China

 

 

  12.6

2. China

 

 

 

  15.1

3. United States

 

 

  11.0

3. United States

 

 

  8.8

4. European Union (27)

 

 

  8.7

4. European Union (27)

 

 

  8.3

5. Singapore

 

 

 

  6.7

5. Korea, Republic of

 

 

  5.6

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL SERVICES TRADE 

 

Value

Annual percentage change

 

 

 

 

 

2012  

2005-2012

 

2011

2012

Commercial services exports (million US$)

 48 746  

10

14

7

Commercial services imports (million US$)

 42 143  

4

11

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012  

 

 

 

 

2012

Share in world total exports

  1.12  

Share in world total imports

1.01

 

 

 

 

 

 

 

 

 

 

 

 

Breakdown in economy's total exports

 

Breakdown in economy's total imports

 

  By principal services item

 

  By principal services item

 

 

Transportation

 

  20.5  

Transportation

 

24.9

Travel

 

  24.0  

Travel

 

25.2

Other commercial services

 

  55.5  

Other commercial services

 

49.9


Taiwan Trade Relations

Bilateral

FTA/ECA signed

Item

Title

% of total trade Taiwan, 2012

1

FTA with Panama

0.013%

2

FTA with the Republic of Guatemala

0.025%

3

FTA with the Republic of Nicaragua

0.019%

4

FTA with the Republic of El Salvador and Republic of Honduras

0.015%

0.013%

5

Cross-Straits Economic Cooperation Framework Agreement

15%

6

FTA with New Zealand

0.256%

7

FTA with Singapore

2.99%

TIFA (The Taiwan-US “Trade and Investment Framework Agreement)

The Taiwan-US “Trade and Investment Framework Agreement” (TIFA) was signed into force on 19 September 1994 in Washington, D.C. TIFA is the most important channel for bilateral high-level economic and trade consultations between Taiwan and the US, while at the same time serves as a primary platform for bilateral trade dispute resolution, trade promotion, and investment cooperation.

 

ATA Carnet Agreement

Countries

Date of Signature

Singapore

04/09/1990

Korea, South

11/28/1990

New Zealand

12/02/1994

Australia

12/21/1995

Philippine

08/19/1998

Japan

21/05/2001

EU

03/20/1991

Sweden

01/10/1994

SwedenFinlandAustria

03/16/1996

South Africa

08/07/1991

Canada

11/10/1994

United States

06/25/1996

Hungary

08/19/1996

Norway

03/13/2000

El Salvador

08/24/2001

Investment Promotion and Protection Agreement (IPPA)

Countries

Date of Signature

Effective Date

Singapore

04/09/1990

04/9/1990

Indonesia

12/19/1990

12/19/1990

Philippine

02/28/1992

02/28/1992

Malaysia

02/18/1993

02/18/1993

Vietnam

04/21/1993

04/21/1993

Thailand

04/30/1996

04/30/1996

Saudi Arabia

10/31/2000

07/25/2001

United States

06/25/1952

06/25/1952

Panama

03/26/1992

07/14/1992

Paraguay

04/06/1992

09/11/1992

Nicaragua

07/29/1992

01/08/1993

Latvia

09/17/1992

10/18/1993

Argentina

11/30/1993

11/30/1993

Nigeria

04/07/1994

04/07/1994

Malawi

04/22/1995

05/14/1999

Honduras

02/26/1996

09/30/1998

El Salvador

08/30/1996

02/25/1997

Senegal

10/24/1997

05/17/1999

Swaziland

03/03/1998

09/03/1998

Burkina Faso

10/09/1998

 

Dominican

11/05/1998

 

Belize

01/16/1999

 

Costa Rica

03/25/1999

 

the Marshall Islands

05/01/1999

05/01/1999

Macedonia

06/09/1999

06/09/1999

Liberia

06/17/1999

08/06/2000

Guatemala 

11/12/1999

12/01/2001

Double Taxation Agreements (DTA or DTAA)

Countries

Date of Signature

Effective Date

Australia

05/29/1996

10/11/1996

Indonesia

03/01/1995

01/12/1996

Malaysia

07/23/1996

02/26/1999

New Zealand

11/11/1996

12/05/1997

Singapore

12/30/1981

01/01/1982

Vietnam

04/06/1998

05/06/1998

Thailand

07/09/1999

-

Philippine

05/29/2002

-

South Africa

02/14/1994

09/12/1996

Paraguay

04/28/1994

 

Gambia

07/22/1998

11/04/1998

Swaziland

09/07/1998

02/09/1999

Macedonia

06/09/1999

06/09/1999

Senegal

01/20/2000

 

the Netherlands

02/27/2001

05/16/2001

Sweden

06/08/2001

06/08/2001

United Kingdom 

04/08/2002

12/23/2002

Double Taxation Agreements (Shipping or Air Transport)

Countries

Shipping / Air Transport

Date of Signature

Effective Date

Israel

S

6/30/1998

6/30/1998

Japan

S&A

9/4/1990

9/4/1990

Korea

S&A

12/10/1991

12/10/1991

Macau

A

12/18/1998

2/26/1999

Thailand

A

6/30/1984

6/30/1984

 

Multilateral Trade Agreements

WTO

Chinese Taipei has been a member of WTO since 1 January 2002 with the member name of “Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (Chinese Taipei)”

 

The official website of Taiwan for WTO affairs:  http://www.trade.gov.tw/EWTO/

APEC

Taiwan (known as “Chinese Taipei” in APEC) became a member economy of APEC in 1991. In line with APEC’s commitment to economic integration as a key to furthering development, Chinese Taipei has joined other economies in actively advancing relevant work, such as enhancing supply chain connections, improving the ease of doing business, and pursuing clean and green growth, with a view to reducing trading costs for businesses and effectively addressing public needs.

Regional Trade Agreements

TPP (not accepted yet)

Trans-Pacific Partnership Agreement (TPP)

RCEP (not accepted yet)

Regional Comprehensive Economic Partnership (RCEP)

Taiwan’s Strategy for trade agreements

ECA (FTA) and TPP followed by RCEP are two main policy targets. The target is set as to have the value of trade conducted via ECAs signed to account for 60% of the total value of trade of Taiwan by 2020.  Hence, Hence, target countries for Taiwan to pursue ECAs with will be selected on the basis of eight principle elements: (1) economic complementarity and industrial relevance, (2) level of economic development, (3) market size, (4) level of barriers to trade, (5) high degree of liberalization, rich experience in FTA, and reduced impact towards Taiwan, (6) geopolitical relations, (7) having strategic interests and chain effects, and (8) positive attitude towards launching and signing of FTAs/ECAs.

 

Re ECA, Taiwan signed with China first, then New Zealand and Singapore. India and Indonesia are in the process of feasibility study.

 

Taiwan also adopts a so-called “block building” tactics for those who countries of higher complexity of other barriers to enter into ECA immediately, for example, Japan and Canada.

 

The absence of official diplomatic relations between Taiwan and its primary trading partners has caused increased number of challenges in terms of international politics for Taiwan while pursuing for ECAs.  In additions, Taiwan is told by its primary trading partners that ECAs/FTA to sign must involve the removal of most market access barriers within a certain period, including: elimination of tariffs for agricultural and industrial products, opening of the service sector market, removal of foreign investment restrictions, bringing in line with international norms and harmonization of regulations and policies on different trade regime-related issues, such as: competition policies, intellectual property rights (IPR), sanitary and phytosanitary (SPS) measures, electronic commerce, environmental protection, and labor standards.  These affect domestic industries and call for adjustments of domestic industrial policies.

 



Trade and Investment between Fiji and Taiwan

Merchandise Trade

Merchandise Trade between Fiji and Taiwan grows by nearly 5 times.


Fiji ranks at 103rd or 0.012% but export grows by 226% over previous 5-year period.

This trade commission was open on 5th December 1997, and I joined this office in 2008, thus a comparison of 5-year(2003~2007) over last 5-year 2008~2012 shows the export from Fiji to Taiwan grows by 226% and the ranking moves up 34 places from 137th to 103rd. 

Taiwan's Major Trading Partners: CHINA/Hong Kong, Japan, United States account for 51% of the total trade while the others (Korea, Singapore, Saudi Arabia, Germany, Malaysia, Australia) for another 19%, and altogether 70% of total trade value between 2008~2012. 

Taiwan ranks Fiji’s 15th trading partner by export value as of 2012.

Fiji’s major trading partners are UK, Australia, US, PICs, NZ; Hong Kong, Taiwan and China are the major export destinations in Asia.

42% of Fiji’s export goes to Oceania while Asia ranks 4th places at 10%~13% of total export value 


Principal Export to Taiwan



Principal Import from Taiwan

Fishing gears, parts and supplies for fishing boats, lubricating oil, engine oil, motor tires, packaging materials, food processing equipment, and manufactured goods


Investment

Investment in Fiji from Taiwan:

Incumbent Business Activities:

PAFCO invested by F.C.F Fishery Co., Ltd.

200 tuna fishing boats and its peripheral business (shipping agency, ship supplies, ship repairing, seafood processing plants)

Beach de mer exporters

Sea food exporter

Rice mill and importer

Beverages importer

Noni juice exporter

 

Implemented Projects

Two tuna fishing companies

Tuna processing plant

Small fishing boat repair workshop

Waste metal recycle collector and exporter

 

The areas of Taiwanese investor’s interests in Fiji:

fishing: off-shore deep sea(tuna or pelagic fishes), near-shore fishing(coral reef fishes)

waste recycles, of metal and of paper (one-off business)

large scale commercial farming (rice)

trading or mining of minerals (cooper, gold, aluminum, crude oil)

 

Investment in Taiwan from Fiji

none

Bilateral Agreements

Apart from the following specific agreements, there is no bilateral trade arrangement between Fiji and Taiwan yet.

 

In the order of date of signature

Date of Signature

Title

Remark

2012/07/10

MEMORANDUM OF UNDERSTANDING BETWEEN THE ANTI-MONEY LAUNDERING DIVISION OF THE INVESTIGATION BUREAU, MINISTRY OF JUSTICE, REPUBLIC OF CHINA (TAIWAN) AND THE FIJI FINANCIAL INTELLIGENCE UNIT ON INFORMATION EXCHANGE CONCERNING MONEY LAUNDERING AND TERRORISM FINANCING

 

2005/03/18

AGREEMENT ON AGRICULTURAL TECHNICAL COOPERATION BETWEEN TAIWAN AND THE GOVERNMENT OF THE REPUBLIC OF THE FIJI ISLANDS

Expired but still be executed by Taiwan Technical Mission in Sigatoka

2001/08/23

AGREEMENT ON AGRICULTURAL TECHNICAL COOPERATION BETWEEN THE GOVERNMENT OF THE REPUBLIC OF CHINA AND THE GOVERNMENT OF THE REPUBLIC OF THE FIJI ISLANDS 

Expired

1999/03/11

Agreement on Agricultural Technical Cooperation between the Government of the Republic of China and the Government of the Republicof the Fiji Islands

Expired

1997/12/26

Agreement of Sugar Technical Cooperation between the Government of the Republic of China and the Government of the Sovereign Democratic Republic of Fiji

Expired

1994/05/17

Agreement of Technical Cooperation between the Government of the Republic of China and the Government of the Republic of Fiji

Expired

1993/06/10

Memorandum of Understanding between the Postal Administrations of [the Republic of] Fiji and Taiwan, ROC for the Exchange of International Express Mail

Expired ??

1991/08/06

Agreement of Sugar Technical Cooperation between the Government of the Republic of China and the Government of the Republic of FIJI

Expired

1990/04/25

Agreement of Technical Cooperation on Sugar Industry between the Government of the Republic of China and the Government of the Republic of Fiji

Expired

1990/04/25

Agreement of Technical Cooperation between the Government of the Republic of China and the Government of the Republic of Fiji

Expired

1987/12/02

Agreement of Technical Cooperation between the East Asia Trade Centre Limited and the Fiji Sugar Corporation Ltd.

Expired



 

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