Liberalizing economy
Specifically, Taiwan has continued to liberalize its economy and adhere to a variety of WTO standards including facilitating a sound investment climate, establishing product standards, sanitary and phytosanitary measures as well as better protection of intellectual property rights.
More fundamentally, WTO accession will further reinforce Taiwan's own efforts to dismantle protected monopolies and improve the competitive climate inside Taiwan, particularly the regulatory system.
The steps that Taiwan is currently taking to open its economy are certain to encourage additional foreign investment. While Taiwan is already pursuing good macro-economic policies, ensuring that its statutory and regulatory environment measure up to world standards is critical for strengthening its free market economic system.
The US has been a robust economic partner with Taiwan for many years. Taiwan's membership in the WTO will only further enhance that relationship.
Nonetheless, both the US and Taiwan will encounter challenges in their fruitful economic relationship. By working through the disagreements inevitable in any long-term relationship, both sides have invariably benefited.
The US and Taiwan will continue to work cooperatively on reducing market access barriers and other impediments that hinder Taiwan's economic openness as well as a variety of issues including strengthening intellectual property protection and liberalizing its telecommunications market.
Although Taiwan's trade surplus with the US declined slightly last year, both sides need to cooperate in monitoring the trade balance in the months and years ahead to ensure our markets remain open, or become more so, to each other.
Taiwan has long been a special trading partner of the US. We are committed to ensure that the US-Taiwan economic relationship continues to prosper.
The US looks forward to the new cooperative efforts, opportunities and challenges that will continuously strengthen and enhance our partnership with Taiwan in the years to come.
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