Taiwan Overview

Overview of Taiwan Taiwan is a small island country located in eastern China. It is also known as the People's Republic of China, Taiwan is known for overthrowing the rule of Communist China and becoming independent democracy. Many Americans do not know about his island, but its history and other facts may be really interesting. Taiwan's modern history began in the last decade of the 16th century, when the Portuguese ship passed the island and the crew named the island "Ilha Formosa", it was transformed into a "beautiful island".

Economy - Overview: Taiwan has a vibrant capitalist economy driven primarily by the export of industrial production, especially electronics, machinery and petrochemical products. Excessive dependence on exports will expose the economy to global economic fluctuations. Taiwan's diplomatic isolation, low birth rate, rapid aging, and intensifying competition with markets in the Asia-Pacific region, including China, are another major long-term challenge. Following the landmark Economic Cooperation Framework Agreement (ECFA) concluded with China in June 2010, Taiwan signed a free trade agreement with New Zealand in July 2013. And in November, a trade agreement was signed with Singapore. However, ECFA follow-up elements such as signed service trade, trade negotiation agreement, dispute settlement agreement are stalling.

Hundreds of protestors (mainly students) will occupy Congress and will demonstrate against service trade agreements with China. This agreement is part of a controversial Economic Cooperation Framework Agreement signed between Taiwan and China in 2010. Protestors say the trade agreement will damage Taiwan's small and medium enterprises and China will further affect Taiwan

The lack of formal diplomatic relations between Republic of China (Taiwan) and the trading partner of Taiwan does not seem to seriously hinder Taiwan's rapidly expanding trade. The People's Republic of China has cultural and trade bases in more than 60 countries and has no official relationship with Taiwan representing Taiwan's interests. In addition to the WTO, Taiwan is also a member of the Asian Development Bank (also known as the Asia-Pacific Economic Cooperation (APEC) Forum for "China Taipei" (the name of China's Impact Bank) and "China Taipei" For reasons). These trends reflect the economic importance of Taiwan and its desire to further integrate into the world economy.

Taiwan and the world trade system have a complex history. Even without an official trading system, Taiwan became an important trading partner in many countries. Despite the prolonged impact of the Asian economic crisis, the total trade with Taiwan's world in 1999 amounted to nearly $ 25 million and Taiwan was at the highest level of trade. From the point of view of the WTO and its trading partner, Taiwan has proven itself as a responsible trade power. In the past decade, Taiwan has greatly liberalized the trade system, tariffs and non-tariff measures have declined and intellectual property protection has increased to a level consistent with other developed countries. Taiwan's trade system still has some areas that can be improved but Taiwan's economy is much more open than neighboring countries in Asia. Unlike many existing members of the People's Republic of China and the World Trade Organization, Taiwan's trade system already complies with WTO regulations.