The Executive Yuan Council approved the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu on Economic Partnership (ASTEP) today and will send it to the Legislative Yuan for ratification.
"The signing of ASTEP is another concrete result of our determination to promote free trade agreements with other countries," Premier Jiang Yi-huah said, noting the pact follows on the heels of the July 10 inking of the Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu on Economic Cooperation. The premier expressed his gratitude and acknowledgement for the hard work of the ROC negotiating team, which included members of multiple ministries.
The premier directed the Ministry of Finance and the Ministry of Transportation and Communications to complete necessary revisions to the ROC's Customs Import Tariff and Shipping Act, respectively, as soon as possible because approval of these amendments by the Executive Yuan and subsequent ratification by the Legislature are required for the activation of the accord.
Once each signatory has finished its domestic legal procedures necessitated by the agreement, it shall notify the other in writing. The two sides shall then exchange relevant documentation so each nation can confirm whether the other has in fact accomplished the requisite tasks, whereby the pact shall take effect 30 days after the exchange takes place.
Legislative ratification of ASTEP is required by the ROC's Regulations Governing the Processing of Treaties and Agreements. ASTEP is a treaty as defined by Article 3 of this act, and according to Article 9 of the same act, within 30 days of its signature any treaty must be submitted to the Legislative Yuan via the Executive Yuan.
The ASTEP consists of 17 chapters and covers trade in goods, rules of origin, tariff procedures, cross-border trade in services, investment, government procurements, technical trade barriers, food safety inspections and animal and plant quarantine measures, e-commerce, competition, intellectual property collaboration, dispute settlement, systematic arrangements and a common agenda (including a foreword, general provisions, definitions, general exceptions, transparency, administration and final clauses).