Lifting the ban on selected Chinese imports of agricultural and aquatic products is a necessary aspect of the negotiation of the cross-strait trade in goods agreement, the Ministry of Economic Affairs (MOEA) said yesterday.
Currently, imports of 615 Chinese agricultural and aquatic products remain banned to protect Taiwan’s agricultural and fishery industries.
Although Beijing hopes Taiwan can lift the ban on all the restricted items, Taipei does not plan to concede, Minister of Economic Affairs John Deng (鄧振中) said.
“We have to evaluate the impact of Chinese imports on Taiwan’s industries,” Deng said.
“Our aim is to ink a high-quality trade agreement with China, meaning that Taiwan and China have to eliminate tariff duties for 90 percent of both sides’ products,” Industrial Development Bureau Director-General Wu Ming-ji (吳明機) said at the ministry’s year-end news conference.
Wu’s remarks are the first time the ministry has said explicitly that the goal of the goods agreement with China is to remove tariffs on 90 percent of products.
To ensure the protection of Taiwan’s agricultural and fishery industries, the government is in the process of drafting an import restriction removal period specifically for Chinese agricultural and aquatic imports, Wu said.
The longest tariff-elimination period is currently 15 years, according to the structure of the agreement that has been agreed by both sides of the Taiwan Strait.
The import restriction removal period for Chinese agricultural and aquatic imports might be longer than 15 years, an official who is familiar with the negotiation process said.
Commenting on Hon Hai Precision Industry Co (鴻海精密) chairman Terry Gou’s (郭台銘) recent complaints that the government has neglected the needs of the nation’s panel industry, Wu said that businesses should understand that there is no way that the negotiation of an agreement can satisfy every industry’s need.
Gou on Dec. 21 complained to reporters that unlike the government-backed semiconductor industry, Taiwan’s panelmakers do not have the authorities’ support.
“I cannot comment too much at this stage as the negotiations are not completed. I can only say that we are still trying to fight for the interests of Taiwan’s panel industry,” Wu said.
As the negotiation of the agreement is in its final stages, the remaining issues over tariff reductions are becoming harder for negotiators to resolve, Deng said.
“We would not hold the next formal talks over the agreement unless Taipei and Beijing make some progress over the remaining tariff reductions,” Deng said, adding that the ministry has not set a timeframe for the next round of negotiations.
JITTERS: Nexperia has a 20 percent market share for chips powering simpler features such as window controls, and changing supply chains could take years European carmakers are looking into ways to scratch components made with parts from China, spooked by deepening geopolitical spats playing out through chipmaker Nexperia BV and Beijing’s export controls on rare earths. To protect operations from trade ructions, several automakers are pushing major suppliers to find permanent alternatives to Chinese semiconductors, people familiar with the matter said. The industry is considering broader changes to its supply chain to adapt to shifting geopolitics, Europe’s main suppliers lobby CLEPA head Matthias Zink said. “We had some indications already — questions like: ‘How can you supply me without this dependency on China?’” Zink, who also
At least US$50 million for the freedom of an Emirati sheikh: That is the king’s ransom paid two weeks ago to militants linked to al-Qaeda who are pushing to topple the Malian government and impose Islamic law. Alongside a crippling fuel blockade, the Group for the Support of Islam and Muslims (JNIM) has made kidnapping wealthy foreigners for a ransom a pillar of its strategy of “economic jihad.” Its goal: Oust the junta, which has struggled to contain Mali’s decade-long insurgency since taking power following back-to-back coups in 2020 and 2021, by scaring away investors and paralyzing the west African country’s economy.
Tax revenue from securities transactions last month increased 41.9 percent from a year earlier to NT$30.3 billion (US$975.8 million), rising on an annual basis for the third consecutive month and marking the highest for the month of October as Taiwanese stocks continued to perform strongly, data released by the Ministry of Finance showed yesterday. Last month, the TAIEX surged 2,412.81 points, or 9.34 percent, marking its largest-ever monthly rise for October as market sentiment was buoyed by a nearly 15 percent gain in contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which accounts for more than 40 percent of the
BUST FEARS: While a KMT legislator asked if an AI bubble could affect Taiwan, the DGBAS minister said the sector appears on track to continue growing The local property market has cooled down moderately following a series of credit control measures designed to contain speculation, the central bank said yesterday, while remaining tight-lipped about potential rule relaxations. Lawmakers in a meeting of the legislature’s Finance Committee voiced concerns to central bank officials that the credit control measures have adversely affected the government’s tax income and small and medium-sized property developers, with limited positive effects. Housing prices have been climbing since 2016, even when the central bank imposed its first set of control measures in 2020, Chinese Nationalist Party (KMT) Legislator Lo Ting-wei (羅廷瑋) said. “Since the second half of