We're in at last

Taiwan given the go-ahead to enter the WTO yesterday, marking the end of a 12-year quest for entry into the international trade body.

It is scheduled to formally sign the protocols of accession later today.

The acceptance of Taiwan's membership bid by ministers at the trade body's meeting in Qatar finally put to rest fears China would try to hamper entry and paved the way for further opening of domestic markets to foreign competition.

"The legal documents adopted not only represent our determination to bring our trade regime into full compliance with the WTO agreement, but also embody our commitment to opening our markets further," Minister of Economic Affairs Lin Hsin-yi (林信義) told the packed audience. "As a new member with a very free and open trade regime, we will honor our commitments by following the rules and principles of WTO."

A string of 18 of Taiwan's allies in the WTO -- including Honduras, El Salvador and Latvia -- got on the stage after Lin to give speeches of congratulations.

The approval ceremony came just 24 hours after China's entry and one hour before China was to sign its WTO protocol of accession.

Robert Zoellick, the US trade representative expressed pleasure at seeing Taiwan finally get a fair place on the world trade stage.

"The US is delighted by this historic achievement. Taiwan has a major contribution to make to this organ as its delegation takes its place on an equal footing with others in the WTO," he said.

"Over the last two decades the people of Taiwan have transformed their market from a developing economy to a trade and economic powerhouse ... Taiwan is a striking model for others to follow."

Also praising Taiwan's approval, EU Trade Commissioner Pascal Lamy said, "The administration deserves credit for a solid package of commitments that reflects its status as a mature market economy."

Back Taipei, President Chen Shui-bian (陳水扁) told local media he was "happy" to hear the entry bid had been approved.

After Taiwan formally signs the protocol of accession today, it will send the package that officially commits it to open markets in accordance with bilateral trade agreements and WTO rules to the Legislative Yuan for ratification.

Lawmakers, currently in recess until after the Dec. 1 elections, have agreed to hold an extraordinary session to quickly approve the package, 30 days after which Taiwan will become a full WTO member.

The smooth adoption of Taiwan's accession package laid to rest fears among the Taiwan delegation that China would meddle in the process. Chances of such an eventuality were slim, according to one senior trade official, as the WTO had placed a muzzle on Beijing by not permitting it to sign its accession documents until Taiwan's bid had been approved by the ministerial conference.

While Taipei has stated repeatedly it hopes that WTO membership would foster closer ties with China, Beijing has made it clear that cross-strait issues are an internal matter and remain outside the boundaries of the world trade body's framework.

Lin reporters after China's accession on Saturday that both sides can interact together "under the WTO framework and on the basis of equality with the other 142 members in WTO events and abide by the rules of the international trade system."

Currently in recession, Taiwan hopes to use WTO membership to access new investment opportunities, improve corporate efficiency and reduce its dependency on Japan and the US.

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