The Ministry of Economic Affairs yesterday said the feasibility study on a free-trade agreement (FTA) between Taiwan and India is nearing a conclusion and will be released soon.
Taiwan’s economic policy think-tank, the Chung-hua Institution for Economic Research (中華經濟研院所), as well as its peer, the Indian Council for Research on International Economic Relations, started a joint assessment of a free-trade pact early this year, the ministry said.
Both sides are waiting for the results of the study, which includes evaluating factors, such as the impact on the economy and employment if an FTA were implemented, before deciding when to launch informal FTA negotiations.
The study has progressed faster than expected, especially in light of the prediction by Gautam Bambawale, joint secretary for East Asia at the Indian Ministry of External Affairs, in March that it would take one year to complete.
Minister of Economic Affairs Shih Yen-shiang (施顏祥) told reporters yesterday that Taiwan and Indonesia had also recently started a similar feasibility study.
Think tanks from the private sectors are engaged in the assessment, he said, without naming them.
Shih added that the FTA negotiations with Singapore were proceeding smoothly, but declined to elaborate.
The pact — tentatively called the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership — is expected to be inked by the middle of next year.
In August last year, Singapore announced its intention to sign an FTA with Taiwan, becoming the first country to do so after Taiwan and China signed the Economic Cooperation Framework Agreement (ECFA) in June last year.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to