The legislature yesterday approved an amendment to the appendix of the Taiwan-Panama free-trade agreement (FTA) allowing Panama to take full control of quota-setting and granting zero-tariff status to all in-quota sugar exports to Taiwan.
Presently, the appendix stipulates that the exports will enjoy zero-tariff treatment when the tariff quota is set by Taiwan, but will only enjoy most-favored-nation treatment when the quota is set by Panama.
Panama has not exported any sugar to Taiwan since the FTA took effect on Jan. 1, 2004, but Taiwan changed the unfavorable rule to show its goodwill to its Central American ally to boost two-way trade.
The amendment to the appendix was agreed upon during an official visit to Panama by Vice President Vincent Siew (蕭萬長) in May.
Meanwhile, the legislature yesterday ratified a bilateral investment agreement between Taiwan and Japan that covers three main categories — investment promotion, investment protection and investment liberalization.
Taiwan and Japan signed the agreement on Sept. 22 to accord national treatment and most-favored-nation treatment to each other’s investors, with the exception of investment in the communications, gambling and financial services industries.
The investment promotion provisions include the free outward remittance and utilization of funds; proscription against imposing local content ratios for materials or parts on each other’s investors; sympathetic consideration by the government of granting short-term stay or work visas to investors and their employees who apply to enter for the purpose of establishing, developing or managing investments, or providing consultation; and regulatory transparency.
In the area of investment protection, the agreement expands the coverage of protection; provides for reciprocal fair treatment and safety assurance of investors; establishes an international arbitration approach for dispute resolution; and demands that in case of requisition for public purposes, the government should provide the affected investor of the other part with timely, effective and adequate compensation.
In the area of investment liberalization, each side affords investors from the other side with national treatment in the establishment, acquisition, expansion, operation, management, utilization and disposition of invested enterprises.
Taiwan is to receive the first batch of Lockheed Martin F-16 Block 70 jets from the US late this month, a defense official said yesterday, after a year-long delay due to a logjam in US arms deliveries. Completing the NT$247.2 billion (US$7.69 billion) arms deal for 66 jets would make Taiwan the third nation in the world to receive factory-fresh advanced fighter jets of the same make and model, following Bahrain and Slovakia, the official said on condition of anonymity. F-16 Block 70/72 are newly manufactured F-16 jets built by Lockheed Martin to the standards of the F-16V upgrade package. Republic of China
Taiwan-Japan Travel Passes are available for use on public transit networks in the two countries, Taoyuan Metro Corp said yesterday, adding that discounts of up to 7 percent are available. Taoyuan Metro, the Taipei MRT and Japan’s Keisei Electric Railway teamed up to develop the pass. Taoyuan Metro operates the Taiwan Taoyuan International Airport MRT Line, while Keisei Electric Railway offers express services between Tokyo’s Narita Airport, and the Keisei Ueno and Nippori stations in the Japanese capital, as well as between Narita and Haneda airports. The basic package comprises one one-way ticket on the Taoyuan MRT Line and one Skyliner ticket on
Starlux Airlines, Taiwan’s newest international carrier, has announced it would apply to join the Oneworld global airline alliance before the end of next year. In an investor conference on Monday, Starlux Airlines chief executive officer Glenn Chai (翟健華) said joining the alliance would help it access Taiwan. Chai said that if accepted, Starlux would work with other airlines in the alliance on flight schedules, passenger transits and frequent flyer programs. The Oneworld alliance has 13 members, including American Airlines, British Airways, Cathay Pacific and Qantas, and serves more than 900 destinations in 170 territories. Joining Oneworld would also help boost
A new tropical storm formed late yesterday near Guam and is to approach closest to Taiwan on Thursday, the Central Weather Administration (CWA) said. Tropical Storm Pulasan became the 14th named storm of the year at 9:25pm yesterday, the agency said. As of 8am today, it was near Guam traveling northwest at 21kph, it said. The storm’s structure is relatively loose and conditions for strengthening are limited, WeatherRisk analyst Wu Sheng-yu (吳聖宇) said on Facebook. Its path is likely to be similar to Typhoon Bebinca, which passed north of Taiwan over Japan’s Ryukyu Islands and made landfall in Shanghai this morning, he said. However, it