Taiwan has signed new trade agreements and maintains its interest in joining the Trans-Pacific Partnership Agreement (CPTPP), according to information from the World Trade Organization (WTO).
Known for its technology industry, Taiwan is home to leading companies such as TSMC, Hon Hai Precision Industry (Foxconn), Acer, Asustek Computer, HTC Corporation, Delta Electronics, Quanta Computer, MediaTek, Formosa Plastics Group and EVA Air.
In 2021, Taiwan applied for CPTPP membership.
Then, in 2023, the Taiwanese government signed the first agreement under the U.S.-Taiwan Initiative on 21st Century Trade.
It also concluded the Foreign Investment Promotion and Protection Agreement with Canada and continued to negotiate the Enhanced Trade Partnership with the United Kingdom.
According to the Taiwan government, these achievements not only demonstrate continued commitment to liberalization, but also deepen bilateral economic and trade relations with its major trading partners, strengthen its supply chain linkages, facilitate private sector collaboration on innovation, and promote its participation in regional economic integration.
To cultivate a favorable investment climate and optimize the business environment, the government has established new investment facilitation measures and promoted regulatory reforms, including amendments to the Companies Law and the Law governing electronic payment institutions.
Trade Agreements
The Taiwanese government continues to implement a plan to enhance government openness and broaden stakeholder participation in public policymaking.
At the same time, the Taiwanese government pushed forward a major economic development initiative, the Six Core Industry Promotion Strategic Plan, based on the 5+2 Industrial Innovation Plan, to seize opportunities for global supply chain restructuring and accelerate the transformation and upgrading of key sectors such as information and communications technology, healthcare and energy.
Notable results have been achieved in industries such as the Internet of Things, machinery, biotechnology and renewable energy.
It also amended the Industrial Innovation Statute that provides tax incentives for innovation to all companies that meet the requirements of the Companies Act.