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Taiwan studying free trade with PH

Manila Standard Today

Taiwan studying free trade with PH

 

Taiwan is studying a free trade agreement with the Philippines to boost trade and commerce between the two neighbors.

The Taiwan Economic and Cultural Office, which represents Taiwan in the Philippines, started a feasibility study on the proposed FTA, according to the Philippine representative in Taiwan.

“A feasibility study [is] in the works. It’s near completion already, yet there is still no concrete feedback from Taiwan [on] what to do after the study is done,” Manila Economic and Cultural Office chairman Amadeo Perez Jr. said over the weekend.

Meco is the Philippines’ representative office in Taiwan, the country’s closest neighbor in the north.

Perez said the Trade Department might also conduct its own study to make sure the proposed free trade would be beneficial to both countries.

“Taiwan asked us to do our own feasibility study. As we speak, they are conducting one of their own, too. This is just a feasibility study. This is not yet a commitment for an FTA,” he said.

Perez said an economic agreement could attract more Taiwanese companies to invest in the Philippines.

He said a Taiwanese electric vehicle manufacturer recently expressed interest to set up operations in the country. The company, assisted by Teco, was close to establishing an e-vehicle assembly plant either in Subic or Clark, he said.

Meanwhile, Meco is currently identifying commodities for export to Taiwan. Taiwan’s annual exports to the Philippines amounted to $7 billion, or twice that of the Philippines’ export to Taiwan at $3.5 billion.

 
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