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“With
Chinese Taipei's membership, the WTO is taking yet another step toward
achieving universal membership. Today, I welcome Chinese Taipei to the
rules-based trading system,” said Mike Moore, WTO Director-General,
at the conclusion of the meeting of the Working Party.
Under
the Chairmanship of Mr. Martin R. Morland (United Kingdom), the
Working Party concluded 12 years of negotiations with Chinese Taipei
and agreed to forward the legal texts for formal acceptance by the 142
Member Governments of the WTO.
Among
some of the commitments undertaken by Chinese Taipei for trade in
goods are the following:
- The
simple averages of nominal duty rates for industrial and
agricultural products in Chinese Taipei are 6.03% and 20.02%
respectively. These rates will be reduced to 5.78 % and 14.01% on
the day of Chinese Taipei's accession to the WTO. Rates for some
products will be further reduced after 2002.
- By
the time the scheduled tariff concessions covering 3,470
industrial and 1,021 agricultural items are completely
implemented, these averages will be 4.15% and 12.86% respectively.
Forecasts predict that a market for imports equivalent to roughly
US$1 billion could be created once Chinese Taipei's concessions
are fully implemented.
Simple
Average Tariff Rates
| |
Current |
Rate
at Accession
2002 |
Final
Rate |
Agricultural
items
1,021
lines |
20.02% |
14.01% |
12.86%
(total cut - 35.6%) |
Industrial
items
3,470
lines |
6.03% |
5.78% |
4.15%
(total cut - 31.2%) |
Among
some of the commitments undertaken by Chinese Taipei for trade in
services are the following:
- Telecommunications:
Investment in telecommunications services will be limited to 20
percent per person but can reach 60 percent if the investment is
part of a joint-venture with a Chinese Taipei person. Other than
the investment requirements, there are no restrictions on
supplying value-added telecommunication services.
- Banking:
Chinese Taipei allows the establishment of commercial banks,
branches of foreign banks, offshore banking branches of banks,
foreign exchange brokerage firms and credit card institutions.
While there are no real restrictions on foreign ownership, there
are some prudential regulatory measures in place for some
financial service activities.
- Insurance:
Foreign suppliers with offices in Chinese Taipei may provide life,
accident and health insurance. Parent mutual insurance companies
establishing branches in Chinese Taipei must have a net worth of
NT$2 billion (estimated $58 million).
- Other
services: Chinese Taipei has a very open services regime in
place for distribution services, tourism and travel services and
recreational, cultural and sporting services.
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