ASTEP spurs Taiwan-Singapore trade

2015-04-29

Taiwan-Singapore economic exchanges have risen steadily in the nine months since the two nations inked a bilateral trade and investment pact, according to the ROC Ministry of Foreign Affairs April 24.

From May 2014 to January, two-way trade increased 5 percent to US$22.03 billion, with local exports to the city-state rising 9 percent to US$15.79 billion. As of February, Singapore investment in Taiwan soared 86.24 percent to US$406 million, while Taiwan investment in Singapore surged 50.57 percent to US$131 million.

Implemented April 19, 2014, the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) is Taiwan’s first free trade pact with a Southeast Asian nation.

In a review meeting held earlier this month in Singapore, representatives from both sides expressed satisfaction with the ASTEP economic effect, a MOFA official said. “The pact underscores ROC government efforts to enhance Taiwan’s economy and fast-track trade liberalization.”

As Singapore is a gateway to the Association of Southeast Asian Nations, the official said ASTEP paves the way for Taiwan to tap the ASEAN Economic Community market set to take form by the end of the year.

“The government will use the ASTEP to springboard Taiwan’s expanded participation in regional integration and join major trade blocs like the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership.”

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=229786&CtNode=413)