The American Chamber of Commerce in Taipei applauded the Legislative Yuan's passage of the remaining laws necessary for Taiwan's accession to the WTO.
The chamber made the comments in a statement issued after the Legislative Yuan completed review of all WTO-related laws on Wednesday.
"The Legislative Yuan's spirit of cooperation in passing this essential WTO legislation will go some way toward helping renew foreign investor confidence in Taiwan's economy and stability," said AmCham president Richard Henson in the statement. "We look forward to continued cross-party cooperation in the Legislative Yuan in areas important to Taiwan's economic development, including areas such as cross-strait relations and services sector development."
Sixty-six laws and regulations were passed. Legislators have decided to resume the current session on Nov. 16, at which time they will review all relevant documents and agreements for Taiwan's WTO entry, Vice Premier Lai In-jaw (
The new rules will allow foreign accountants, lawyers and other professionals to practice in Taiwan. In addition, foreign construction companies will also be able to set up their operations in Taiwan. The changes are effective once the amendments are promulgated.
The Accountant Law, for example, will permit foreigners to take the certified public accountant test and practice accounting in Taiwan after being licensed.
The amendment to the Attorney Law will enable foreign law firms to practice in Taiwan, provided that they hire Taiwanese lawyers or set up partnerships with local lawyers. They will also need permission from the Ministry of Justice to set up a practice here. In addition, foreign lawyers who have practiced law for more than five years in a foreign country may also be permitted to practice law in Taiwan.
Other foreign professionals will also be able to work in Taiwan through the amendment of regulations governing special professionals and technicians.
Import tariff regulations were also amended, lowering duties by an average of 32 percent.
The Commodity Tax Law, the Grain Control Law, the Civil Aviation Law, the Commercial Port Law, Architecture Law, the Patent Law, the Copyright Law, the Veterinarian Law and the Optical Media Law were also amended during the session.
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