US Taiwan Free Trade Agreement

US Taiwan Free Trade Agreement

U.S.-Taiwan Free Trade Agreement

The Ministry of Economic Affairs of Taiwan has prepared a position paper document (see below) to promote the signing of a free trade agreement with the United States, involving R&D, cooperation and technology transfer. A study conducted by the U.S. International Trade Commission in October, 2002 concluded that a U.S. Taiwan FTA would substantially benefit U.S. exports of motor vehicles, rice, fish and other food, but would have a small impact on the U.S. economy overall. China has recently overtaken the United States as Taiwan’s largest export market.

Taiwan is currently the United States’ 14th largest export market. U.S. exports to Taiwan totaled $25.9 billion in 2015. Taiwan, officially recognized as Chinese Taipei, became an official member of the World Trade Organization in January 2002.

Taiwan is California’s 7th largest export market. In 2015, California exports to Taiwan rose to over $7.8 billion. There has been a resurgence of sales to Taiwan from California’s top export categories: transportation equipment, and non-electrical machinery. These categories combined accounted for over half of total California exports to Taiwan.

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