Anztec Trade Agreement

ANZTEC sends a positive signal to Taiwan`s potential trading partners and gives it a decisive boost to regional economic integration. The Trade Negotiations Office of the Taiwan Ministry of Economy welcomed the agreement for its role in « strengthening Taiwan`s ongoing efforts to conclude and participate in other economic cooperation agreements and regional trade agreements in the future. » New Zealand`s economy is a market economy heavily dependent on international trade, particularly with Australia, the United States of America, China and Japan. It is highly dependent on tourism and agricultural exports and has only small manufacturing and high-tech components. Market economic reforms in recent decades have removed many barriers to foreign investment, and the World Bank has made New Zealand the most business-friendly country in the world [1]. Regional and bilateral free trade agreements have become an important part of New Zealand`s international trade policy. New Zealand has used free trade agreements, also known as closer economic partnerships, to liberalize trade between economies. A closer economic partnership agreement with Thailand was negotiated in 2004 and implemented in 2005. Negotiations for a free trade agreement with Chile, Brunei and Singapore, known as the Trans-Pacific Strategic Economic Partnership, were concluded in 2005. Negotiations on other agreements with Malaysia began in 2006, but could not be concluded. The historic free trade agreement with China was signed in Beijing in April 2008. [2] « The agreement also explicitly opens up the possibility of film and television co-productions and facilitates closer cultural and commercial ties between the Maori and the indigenous peoples of Taiwan. » The goods can be shipped by a non-party party to the agreement and maintain preference.

However, goods must not enter the trade or trade of a party or be subject to certain operations other than unloading, transshipment, deconditioning and other procedures necessary to keep the goods in good condition while they are being transported by that party. Economy Minister Chang Chia-juch was quoted as saying that Taiwan was in the process of speeding up the LEGISLATIVE review of ANZTEC, which will come into force after the respective procedures by both sides. (Id.) Taiwan has also negotiated free trade agreements with India and Singapore. (FTA Between India and Taiwan – Negotiations Underway, TAX NEWS SERVICE (July 11, 2013), online database of the International Bureau of Tax Documentation; Taiwan-Singapore FTA Talks to Yield Results Soon: Minister, WANT CHINA TIMES (12.04.2013).) (July 18, 2013) On 10 July 2013, the Republic of China (Taiwanese, ROC) and New Zealand concluded the Economic Cooperation Agreement between New Zealand and the separate customs territory of Taiwan, Penghu, Kinmen and Matsu (ANZTEC). This is Taiwan`s first free trade pact with a developed economy and, according to the ROC Foreign Ministry (MOFA), represents an important step forward in Taiwan`s efforts to participate in regional economic integration. (Taiwan, New Zealand Ink ANZTEC Accord, TAIWAN TODAY (July 10, 2013).) Even in the midst of this ambiguity, ANZTEC is an important first step, both towards the signing of similar bilateral ECAs with even larger economies and towards removing barriers to Taiwan`s accession to broader regional trade agreements, such as the TPP and the Global Regional Economic Partnership. More than two and a half years of negotiations on a trade pact with Singapore, Taiwan`s fifth largest trading partner, have recently been concluded and a project has entered a « legal scouring phase. In addition, in the days following the New Zealand agreement, Taiwanese Deputy Economy Minister Cho Shih-chao suggested that talks with Indonesia and India had already begun.