Taiwan's free trade agreement with Guatemala is expected to boost Taiwan's exports by between 5.5 percent and 6 percent, Vice Minister of Economic Affairs Steve Chen (
In a report to the Legislative Yuan, Chen cited a study conducted by the Chung Hua Institution for Economic Research as saying that trade between Taiwan and Guatemala has great potential for growth in light of the fact that bilateral trade stood at US$114.75 million last year, with US$110.67 million worth of exports to Guatemala and US$4.08 million worth of imports from Guatemala.
The agreement, signed on Sept. 22 ahead of the establishment of the Free Trade Area of the Americas (FTAA), will give Taiwanese businesses with investments in Guatemala access to the vast American market, especially the US, once the FTAA is formally launched, Chen said.
Even before the FTAA is in place, Taiwanese businesses will be able to use Guatemala as a gateway to US and EU markets through Guatemala's bilateral trade agreements with them, thereby enjoying the lower tariffs provided for in the agreements.
The FTAA will be the world's largest trade bloc with a combined GDP of US$14.8 trillion, or 40 percent of the world's total, and trade of US$3.9 trillion, or 21.4 percent of the world's total.
The FTA, which is awaiting ratification by the legislature, will take effect on Jan. 1 next year.
NEW MARKET: The partnership opens up India to the Dutch company, which already has a strong hold in the semiconductor market of South Korea, Taiwan and China ASML Holding NV entered into a partnership agreement with Tata Electronics Pvt Ltd aimed at ramping up India’s goal to develop domestic chip-manufacturing capabilities. The Dutch company’s technology would help power Tata Electronics’ planned 300 millimeter (mm) semiconductor foundry in Gujarat, according to a joint statement from the two companies on Saturday. The signing of a memorandum of understanding coincides with a visit by Indian Prime Minister Narendra Modi to the Netherlands, which is looking to deepen bilateral relations with New Delhi. ASML, whose top customers include Taiwan Semiconductor Manufacturing Co (台積電) and Samsung Electronics Co, makes lithography machines that can print
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