NDC Minister Kung Ming-hsin (third left) receives the 2022 Discussion Paper from ANZCham Taipei Chairman Jeffrey Chen Dec. 13 in Taipei City. (Courtesy of NDC)
 

The government is sparing no effort in making policy adjustments to forge closer economic and trade partnerships with Australia and New Zealand, according to National Development Council Minister Kung Ming-hsin.

Kung made the remarks during the release of the 2022 Discussion Paper by Australia New Zealand Chamber of Commerce, Taipei Dec. 13 in the city.

According to the minister, trade relations between Taiwan and the two New Southbound Policy partners are going from strength to strength, with combined incoming investment from the two countries accumulating to US$4.1 billion as of October.

Total trade with the two countries amounted to US$21.4 billion in 2021 and surged to US$25.7 billion over the first 10 months of this year, making Taiwan the sixth- and seventh-largest trading partner of Australia and New Zealand, respectively, he added.

Kung said renewable energy is another key area that has seen tremendous progress, as evidenced by investment from many Australian firms in Taiwan’s related infrastructure development since the government began promoting energy transformation in 2016.

The three sides are expected to further expand cooperation following amendments to Taiwan’s Renewable Energy Development Act recently approved by the Executive Yuan, the minister added.

Praising relations between Taiwan and the two countries as the best they have ever been, Kung called for fast-tracked negotiation of an economic cooperation agreement with Australia.

It is hoped that the governments of Australia and New Zealand will support Taiwan’s bid to join the Comprehensive Progressive Agreement for Trans-Pacific Partnership for the benefit of all, he added. (SFC-E)