(Speech of Paul Zeven, chairman, ECCT at Europe Day celebration held in Taipei)
Your Excellency President Chen Shui-bian, Ministers, distinguished leaders of government and industry, ECCT members, ladies and gentlemen,
Before addressing you, Mr. President, I wish, on behalf of the ECCT, to express our condolences to the family members of those who died in the tragic airplane accident on May 25. We wish them strength and courage during these difficult times.
The European Chamber of Commerce Taipei is honored to welcome you, President Chen, once again as our guest of honor at our Europe Day dinner. Today we would like to celebrate with you the 50th anniversary of European economic integration.
In 1952 a group of 6 European countries formed the first European Community, eliminating trade barriers between themselves. Fifty years on, the European Union has grown to consist of 15 Members States with a single market of 370 million people. This year in particular has been a milestone for the EU with the introduction of the Euro as its common currency. This is not only a symbol of unity, but also clear proof of the benefits of economic integration. Only last week European Commission President, Romano Prodi, outlined the "Project of the European Union," proposing, amongst other ideas, a single EU voice to speak on external matters, to further strengthen and coordinate the Union's role in world affairs.
This January Taiwan strengthened its own voice in the world by entering the World Trade Organization in Geneva. I would like to take this opportunity to congratulate the government on its well-prepared and well-executed WTO accession. It has created new opportunities for Taiwan and Europe to further strengthen their trade and investment relations, as well as new opportunities for trade in the Greater China region. For instance, Taiwan now allows over 7,000 products, hitherto banned, to be imported from China, and we believe that such further opening of trade will also benefit many Taiwanese companies that are exporting hi-tech products that use components made in mainland China.
Further reform and restructuring of the financial services sector, more transparency in public procurement, and the development of an effective IPR protection system are other areas that require, and would benefit from, the increased efforts of both the Taiwan government and the business community. It is important to ensure that the necessary regulatory changes are carried out. This will allow Taiwan to fully benefit from the advantages of its WTO accession, and will attract the kind of investments that are needed to shift Taiwan towards a more value-adding service economy.
These basic WTO principles of transparency and non-discrimination will receive particular attention in the new round of WTO negotiations. The European Commission will be putting forward proposals to further strengthen WTO rules concerning investment, competition and trade facilitation. For instance, as import and export procedures can be significant non-tariff barriers to trade, the Commission proposes to introduce practical measures to reduce governmental red tape and thus speed up the movement of goods in the international marketplace.
Allow me to briefly comment on the Taiwan economy, which has seen some turbulent times in the last 12 months. Export-driven Taiwan has closely followed the ups and downs of global demand and has suffered one of the sharpest economic contractions in many years. Although signs are pointing to economic recovery with global demand picking up, we can also see many challenges still ahead. Will the planned economic reforms be sufficient to counter the magnetic effects of Mainland China on human capital and foreign investment? Will improved cross-strait relations materialize in the near future, and allow Taiwan to strengthen its economic position in the Greater China region?
Earlier this year your government made the pragmatic move to start with the implementation of the so-called "Mini Three Links" (Hsiao Santong) between Hsiamen and Kinmen. As for opening the major "Three Links," we know that you are aware of the importance of such links to the business community.
For example, shipment costs of raw materials could be reduced by up to 70 percent, and managers of regional groups located in Taiwan would gain half a day in lost traveling time to their operations on the mainland. ECCT therefore applauds the most recent efforts by both your government and Taiwan business leaders to come to more pragmatic solutions to the issue, while of course recognizing the issue of mutual dignity.
Europe is Taiwan's third largest trading partner, with an annual total trade of US$40 billion. In addition European investments in Taiwan now total US$6.5 billion. Anticipating further development in trade and investment after Taiwan's accession to WTO, the European Commission is planning to open an EU Trade and Information office in Taipei some time within the next 12 months. We expect that such an office will contribute to the closer economic cooperation between Taiwan and the European Union.
Whilst on the subject of European institutions in Taiwan, we also hope that the government will take special interest in the existence and harmonious development of the Taipei European School. We believe that this is a priority issue in order to for Taiwan to attract foreign investment. During tonight's performance you enjoyed some of the school's talents. The school has recently accomplished a major expansion program, that has been financed not only by the school's own development funds but also through generous donations from various companies and individuals. The Taipei European School is very grateful for this support from the community and would very much welcome any further potential sponsors and donors.
Mr. President and distinguished guests -- I would like to thank you for your continuous support and your efforts in promoting an open dialogue with ECCT members and the foreign business community. Let me wish you every success, good fortune and good health for the coming year.
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