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HomeBusinessEconomySecuring trade and investment with Taiwan in the year of the Rabbit

Securing trade and investment with Taiwan in the year of the Rabbit

By Caribbean News Global fav

TORONTO, Canada – Taiwan’s technology as a semiconductor catalyst, as well as its focus on global health (WHO/WTA), trade (WTO) tourism, investment and global partnerships, creating hardware technology and enterprise software continues to make tremendous progress. Taiwan’s focus on democracy and stability in the year of the Rabbit also highlights the importance of advocacy in working with like-minded countries and business leaders.

Maintaining diplomatic dialogue

During a meeting held on the margins of the Munich Security Conference on February 18, 2023, secretary of State Antony J. Blinken reiterated president Biden’s statements that the United States will compete and will unapologetically stand up for our values and interests, but that we do not want conflict with the PRC and are not looking for a new Cold War. Secretary Blinken also underscored the importance of maintaining diplomatic dialogue and open lines of communication at all times. Working with business leaders building integrated supply chains, including Taiwan’s fully integrated commitment to building an inclusive, sustainable economy that works for everyone, is both influential and fundamental for global growth.

A free and open Indo-Pacific

Taiwan is a beacon for freedom in a world where civil liberties and human rights are often suppressed, UK MP Liz Truss, advocated, at the Inter-Parliamentary Alliance on China Symposium in Tokyo. She further reiterated that Taiwan is a “flourishing democracy with a thriving free press and an independent judiciary and we should be doing all we can to strengthen our ties with Taiwan.”

Concerning a free and open Indo-Pacific, Truss, advised:

“We must learn from the past. We must ensure that Taiwan is able to defend itself. And we must work together across the free world to do this. Japan has backed this up by record defence spending this year and also takes a seat on the UN Security Council this year. It’s so important to do all we can to support Taiwan – because prevention is better than cure. If we build up the defence links now, if we build up the economic links now – that will help protect Taiwan and protect freedom.”

President Tsai Ing-wen has advised that cybersecurity is national security, citing the establishment of the ministry of digital affairs and the national institute of cyber security, as well as a recent meeting convened by the cabinet to improve existing protection mechanisms.

Cybersecurity is an essential component of the six core strategic industries, which were unveiled by president Tsai during her 2020 inauguration and build on the five-plus-two innovative industries program. The other key areas targeted for growth are green energy; information and digital technology; biotech and medical technology; national defense; and strategic stockpile industries.

Economic cooperation is vital for a thriving democracy,  promoting freedom and democracy. Taiwan’s economic model is based on freedom, the rule of law, economic integration and a beacon of democracy, which has catapulted its achievements globally.

Taiwan’s economic modelling and social cohesion has proved it can withstand hostile aggression with an integrated approach, the influence of G7, EU, CPTPP, plus 14 diplomatic allies, and a growing number of institutions and organizations.

The development of advanced technology, trade and investment with Taiwan, are important decisions that positively impact freedom, democracy and a free-flowing global supply chain for product development.

Statistics from the ministry of finance show that Germany is Taiwan’s largest European trade partner, with bilateral volumes totaling more than US$20 billion in 2021. The two sides maintain close ties in areas such as academia, culture, economy and technology.

Photo Credit: Taipei City Government

Friend-shoring

In further orientation, Truss, said:

“Deeper economic integration between the Taiwanese and world economies will go a long way to preventing conflict. […]  Now is the time to make sure trade and commerce is free and not coercive. There are ways this can be done. We could move to an economic Article 5, where the ‘one for all, all for one’ principle is wielded in defence of fundamental values.

“There are three areas we should focus on: supply chains, investment and trade. On critical minerals and supply chains, we should work together to ensure we have trustworthy suppliers – so-called “friend-shoring”. Free countries need to collaborate to protect our economic security in areas like chips and technology exports. And we need democracies to commit together to audit and reduce dependency throughout critical industries. We cannot have a situation where Beijing has the power to turn off the lights.”

US secretary of the treasury Janet L. Yellen, previously explained, the importance of resilient trade through “friend-shoring“:

“Through an approach called “friend-shoring,” the Biden administration aims to maintain the efficiencies of trade while promoting economic resilience for the United States and its partners.

Supply-chain risks are a cause for urgent concern. In the past two years, these risks have hampered our economic growth and hiked costs for our families. They have also harmed our national security. It is time for a systematic approach to address these vulnerabilities.

The Biden administration’s friend-shoring approach aims to deepen our economic integration with a large number of trusted trading partners that we can count on. And it seeks to build in supply-chain redundancies to lower risks for our economies.

At the same time, friend-shoring is a rebuttal to those who argue that economic security can be achieved only through protectionism. Friend-shoring aims to achieve economic resilience and realize trade’s economic efficiencies simultaneously.

The Biden administration is pursuing our friend-shoring agenda through a broad array of bilateral and multilateral engagements. Through the US-EU Trade and Technology Council, we are working together to create secure supply chains in the solar, semiconductor, and rare-earth magnet sectors.

Of course, in any discussion of friend-shoring, it is natural to ask: Who are our friends?

“As we pursue these initiatives, we will remain focused on friend-shoring for sectors and products that are critical to our national and economic security. We will coordinate with our trading partners on high standards for human rights, labor, and the environment. And we will continue to support trade integration, which has yielded significant benefits for the global economy.” […]

Photo Credit: Taiwan Central Bank Commemorative Coins

Bilateral trade and investment with Taiwan

Investment and trade opportunities are fundamental to developing and developed countries to avail themselves of more innovative expansion strategies. And the relative systemic characteristics of strong companies and great ideas arising from freedom and democracy.

Bilateral trade and investment with Taiwan are factors that allow sustainability, export performances and growth to keep global development targets within reach.

Taiwan’s approach and effectiveness have reached the decision point to the broader global framework of significance. The expectation is that Taiwan’s global status should change to reflect its global significance.

Transcendental and exponential functions

Notwithstanding varying distractions, there is a growing need for mutual structures and strategic shared experiences. Taiwan has a lot to offer. The global community has a lot to learn from Taiwan, its potential for trade, development and investment.

Historically, trade and investment relationships provide an excellent opportunity to help economies grow – provide jobs, knowledge transfer, generate revenue, poverty reduction and drive standards higher.

Taiwan is well-placed with transcendental and exponential functions, with safeguards to a conducive business climate, trading practices, investment and resource flow that accommodates the tenants of democracy, economic vitality and the general interest of prosperity.

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