New Southbound Policy Portal

Despite daunting global challenges, Taiwan’s embassies and overseas missions have delivered impressive results in promoting trade and economic relationships in Q2 of 2023. (MOFA)
 

Embassies and overseas missions have extended cooperation with members of the free world, expanded Taiwan’s participation in global economy and trade organizations and promoted key policy measures thus delivering considerable dividends to the country, the Ministry of Foreign Affairs said Aug. 25.

Challenges such as rising interest rates and inflation, the ongoing Russia-Ukraine War and slack global demand impacted Taiwan’s exports, the MOFA said. At the same time, geopolitical confrontation is causing a restructuring of supply chains and underscores the importance of strategic industries in global competitiveness, it added.

According to the MOFA, trade ties with key partners such as the U.S., EU and democracies in Central and Eastern Europe are going from strength to strength. This is evidenced by the first agreement signed in June under the Taiwan-U.S. Initiative on 21st-Century Trade, as well as the statement issued by the Formosa Club in Europe following its Unity Summit 2023 urging the negotiation of a bilateral investment or trade agreement to boost supply chain cooperation.

Taiwan is also making great strides in expanding relationships with its allies, the MOFA said. Examples in this regard include a MOFA-organized trade event held during Guatemala President Alejandro Eduardo Giammattei Falla’s visit in April, a letter of intent on supply chain collaboration to promote Taiwan investment in the Central America country and an economic cooperation agreement with the Marshall Islands.

Of equal importance is Taiwan’s work seeking global support for its participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which includes sending delegations to Chile, Peru and the U.K. to detail benefits that would come from Taiwan membership in the CPTPP, as well as its potential contributions to the trade bloc.

The MOFA said the government’s New Southbound Policy and Africa Project are further expanding Taiwan’s presence in emerging markets such as member states of the Association of Southeast Asian Nations, Ghana, Ivory Coast, Nigeria and Somaliland. (SFC-E)