In order to fulfill President Tsai's commitment made in her inaugural speech, which is to strengthen the vitality and autonomy of our economy, reinforce Taiwan's global and regional connections, and to forge an intimate sense of “economic community” together with other members of this region, the Ministry of Foreign Affairs and its missions abroad have placed promoting Taiwan's foreign trade and attracting inward foreign direct investment (FDI) high on the agenda.
Countries around the world are forging alliances to better cope with global trade and investment liberalization trends. Due to this tough business environment, President Tsai has made the transformation of Taiwan's economic structure the first task of the new administration. She also instructed relevant authorities to participate in bilateral and regional economic cooperation as well as free trade negotiations. Taiwan will play an active role in international economic and trade cooperation and rule-making, steadfastly defend the global economic order, and integrate into important regional trade and commercial architecture, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) etc.. Taiwan will contribute greatly to the region's structural adjustment and sustainable development.
To this end, Taiwan's diplomats have taken up the banner, promoting Taiwan's trade and investment overseas. Through MOFA's network of businessmen and representatives of overseas Chinese communities, they help boost FDI and generate business opportunities overseas for Taiwanese enterprises.
International Economic Integration Data source：Department of International Cooperation and Economic Affairs Global Economic Integration In order to participate in regional economic integration, maintain our competitive edge, and secure our position in the global manufacturing chain, the ROC actively participates in multilateral, plurilateral, and bilateral negotiations, as well as regional integration on economic and trade issues. Therefore, the Ministry of Foreign Affairs is committed to these important related tasks:
I. Multilateral trade negotiations We seek to expand external economic and trade relations through multilateral negotiations under the World Trade Organization (WTO) framework. At the 9th WTO Ministerial Conference in 2013, the Bali Package on trade facilitation, agriculture, and development was adopted. At the 10th WTO Ministerial Conference in 2015, the Nairobi Package was passed to realize progress on such issues as agriculture, cotton, and the development of least developed countries. At the 11th WTO Ministerial Conference in 2017, progress was made on such issues as small economies, fisheries subsidies, e-commerce, and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). Taiwan played an active role in consultations on the WTO’s first multilateral agreement—the Trade Facilitation Agreement, which went into effect on February 22, 2017. At the 12th WTO Ministerial Conference in 2022, the Geneva Package was passed to further work on such issues as emergency responses to food insecurity, WTO responses to the COVID-19 pandemic, fisheries subsidies, e-commerce, TRIPS, and reforming the WTO.
Related links: i. Permanent Mission of the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu to the WTO ii. Bureau of Foreign Trade, Ministry of Economic Affairs iii. Office of Trade Negotiations, Executive Yuan
II. Plurilateral trade negotiations To accelerate trade liberalization, the ROC actively participates in negotiations on plurilateral trade agreements. We have become a party to the Government Procurement Agreement and the expansion of the Information Technology Agreement.
Related links: i. Permanent Mission of the Separate Customs Territory of Taiwan,Penghu, Kinmen and Matsu to the WTO ii. Office of Trade Negotiations, Executive Yuan
III. Bilateral economic cooperation agreements The ROC signed a bilateral economic cooperation agreement with Belize on September 30, 2020; with Eswatini on June 8, 2018; with Paraguay on July 12, 2017; and with New Zealand and Singapore on July 10 and November 7, 2013, respectively. We are also exploring other trade pacts with other major trading partners.
Related links: Bureau of Foreign Trade, Ministry of Economic Affairs
IV. Participation in regional economic integration The government aims to reinforce Taiwan's global and regional links, and actively participate in multilateral and bilateral economic cooperation, as well as free trade negotiations, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) etc.. The Ministry of Foreign Affairs has instructed its overseas missions to garner support from the members of the CPTPP etc. to help pave the way for our accession to these regional trade agreements.
In addition to closely following the latest developments in regional economic integration, the Ministry of Foreign Affairs will continue working with relevant agencies to review and update domestic regulations to further liberalize our trade regime. By doing so, we can lay the foundation for our signing of bilateral economic agreements with other trade partners and participation in regional economic integration in the future.