It is too early to tell how the Economic Cooperation Framework Agreement (ECFA) signed with China last month would affect Taiwan’s trade ties with Israel, but the pact is generally welcomed in Jerusalem, Israel Economic and Cultural Office Representative Rafeal Gamzou said on Thursday.
“I think we don’t know yet the impact of the ECFA on Taiwan-Israeli trade,” Gamzou said. “Generally speaking, I think the ECFA is being perceived in Israel as a positive move … If it helps the Taiwanese economy and helps in reducing tension in the strait, then of course we are happy.”
Gamzou acknowledged that Taiwan has been actively seeking to forge free-trade agreements (FTA) with many countries, but added that being a small economy, Israel had not given much thought to the potential development of its trade ties with Taiwan that could result from the ECFA.
Although a full-fledged FTA is not a possibility at the moment, “other mechanisms and ideas” could be considered and examined in future, he said.
Earlier this month, the Taiwan Israel Chamber of Commerce was established with the aim of expanding commercial, cultural and educational exchanges between the two countries.
The Taiwan External Trade Development Council said the total trade volume between Taiwan and Israel last year stood at US$1.24 billion, a decline of 14 percent compared with the previous year. Electronic components remained the top traded items.
Israel currently has zero-tariff arrangements with 39 countries, which puts Taiwan at a disadvantage because its products, such as plastics, screws and nails and mechanical components are still subject to a 12 percent customs tariff.
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