Taiwan should reinforce its cooperation with Asia's emerging markets and step up efforts to integrate into the regional economy, Premier Mao Chi-kuo said after a briefing by the Ministry of Foreign Affairs (MOFA) at the Cabinet meeting today.
India, Turkey and Southeast Asian emerging markets will drive the next wave of global economic growth, Mao said. Hence, the MOFA, Ministry of Economic Affairs, and other agencies should continue strengthening economic, cultural and judicial cooperation with these countries and understand the needs of Taiwanese businesses operating there. They must also strive harder for Taiwan's entry into the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership to ensure the nation's long-term interests and development.
Following the spirit of "viable diplomacy," the MOFA and other agencies have significantly boosted Taiwan's trade with those markets. Exchanges in education, culture, tourism and labor are also close, while many high-level visits have taken place, the premier said.
Regarding India, the MOEA's Bureau of Foreign Trade published guidelines on strengthening trade relations while the Industrial Development Bureau last year promoted industrial cooperation with that country. Premier Mao instructed the MOEA to integrate the two bureaus' resources and set up a cross-agency platform for expanding Taiwan's economic and trade presence in the Indian market.
The Association of Southeast Asian Nations (ASEAN) is now Taiwan's second-largest trade partner, as evidenced in 2014 by the US$93.64 billion trade value that accounted for 15.92 percent of Taiwan's total trade. Singapore, in particular, saw trade with Taiwan rise by US$197 million to US$28.18 billion in the first year after a landmark free trade pact between the two countries came into effect in April 2014. Overall, Taiwan's cumulative new investments in ASEAN-7 (Thailand, Malaysia, the Philippines, Indonesia, Singapore, Vietnam and Cambodia) have risen quickly to US$29.14 billion during 2008-2014, a jump of 92.06 percent over the 2001-2007 period.
India and Turkey are attracting increasing attention globally, the MOFA said. Aside from promoting industrial cooperation with India, Taiwan launched direct flights between Taipei and Turkey's Istanbul this March. The ROC has also earned preferential visa treatment from nine of 10 ASEAN members as well as e-visa privileges from Turkey and India.