The Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) demonstrates Taiwan's commitment to trade liberalization and internationalization and will pave the way for similar pacts with the nation's other major trading partners as well as entry to the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP), Premier Jiang Yi-huah said today at a function celebrating the ASTEP's signing.
The ASTEP is Taiwan's second free trade agreement (FTA) with a developed country and follows closely behind the FTA inked with New Zealand this July.
Taiwan and Singapore in this accord pledge to greatly expand mutual market access and deepen their trade partnership. This is expected to create mutual prosperity and enhance collaboration between the two countries.
As Singapore is not only a key trading partner of Taiwan but also a member state in the TPP and RCEP, this agreement shows the international community that Taiwan is ready to ink similar pacts with other countries and participate in the economic integration of the Asia-Pacific region, Jiang said.
The premier thanked the negotiation delegation from the Ministry of Economic Affairs, Ministry of Foreign Affairs and other agencies for their hard work. He then encouraged all ministries and departments to work together closely to deepen Taiwan's global trade exchange and cooperation and continue boosting the nation's economic development.