Having received approval from lawmakers in both countries, a long-discussed trade pact between Taiwan and New Zealand will take effect on Dec. 1, the Ministry of Economic Affairs said on Wednesday.
The Agreement between New Zealand and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Cooperation (ANZTEC) became Taiwan’s first trade deal with a country that does not have diplomatic ties with Taipei when the two sides signed it on July 10.
The ANZTEC is thought to represent an important step forward for trade-oriented Taiwan’s long-term development.
In addition to tariff elimination and greater service market access, the pact contains 25 chapters that cover a wide range of topics. Among those are labor, environment, open skies air links, film and television co-production, and exchanges between the indigenous peoples of both countries.
The conclusion of the trade agreement brings Taiwan one step closer to pursuing entry into regional trade blocs and forging deeper connections in the Asia-Pacific region and the rest of the world, the Ministry of Foreign Affairs said.
Initial ANZTEC tariff reductions are expected to boost Taiwan’s GDP by US$303 million, according to the Chung-Hua Institution for Economic Research’s estimate. It would create 6,255 jobs in Taiwan and spur an increase in production value across all sectors totaling NT$35.63 billion (US$1.2 billion), the institution predicted.
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
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When the COVID-19 pandemic shut down bars and concert halls in the US in March, a new phenomenon was born: the vacation-rental nightclub. Professional party promoters started scanning Airbnb, Vrbo and other short-term rental sites for mansions and luxury condos for hire. Tickets were going for US$90 on Eventbrite and TikTok for soirees with bottle service and DJs. “People were looking to escape from their own homes and came into our tiny neighborhood to party all day, every day,” said Kristen Robinson Doe, a resident of a quiet suburban Dallas neighborhood, where a party pad was being rented out for more than
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their