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Taiwan to gradually ease rules on Chinese products

Taiwan will gradually lift its restrictions on imports of Chinese products after the two sides of the Taiwan Strait are formally admitted to the WTO early next year, government sources said Sunday.

According to an evaluation of Taiwan's opportunities and challenges after WTO entry, prepared by the Board of Foreign Trade, Taiwan's imports from China will increase by at least US$5 billion annually in the post-WTO era.

As a result, according to the Board of Foreign Trade report, Taiwan's annual imports from China will surge to US$10 billion, narrowing Taiwan's surplus in cross-strait trade.

The report said the increased imports will concentrate in agricultural and traditional industrial goods, including bicycles, garments and accessories. Indeed, the entry of some 20 agricultural items from China -- including rice, peanuts, garlic, betel nuts, chicken meat, red beans and bananas -- are expected to hit the agricultural sector hard, according to officials at the Council of Agriculture.

Two-way trade between Taiwan and China amounted to US$32.3 billion last year, marking a growth of 25.8 percent, according to the tallies by Board of Foreign Trade.

China was Taiwan's third largest trading partner and second largest export outlet last year. Taiwan enjoyed a trade surplus of about US$20 billion. But the trade gap is expected to narrow gradually after both sides enter the WTO, said officials at the Board of Foreign Trade.

Taiwan, following China one day after, won official clearance last week during a working group meeting to join the Geneva-based world trade regulatory body. That means Taiwan's 11-year odyssey to gain membership in the 142-nation trade body is nearing an end.

The trade body must still approve the deal at the organization's ministerial conference scheduled for Nov. 9 to 13 in Doha, Qatar. After that, legislatures in both Taiwan and China must then ratify their accords and make relevant legal changes, and then wait 30 days before their memberships become official.
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