Is There a Free Trade Agreement between Australia and Taiwan

February 25, 2022 Facebook Twitter LinkedIn Google+ Uncategorized

It is a common question among businesses and individuals alike: is there a free trade agreement between Australia and Taiwan? The answer is no, there is currently no free trade agreement between the two countries. However, this does not mean that trade between Australia and Taiwan is non-existent.

Trade between Australia and Taiwan has been steadily increasing in recent years, driven by strong demand for Australian minerals, agricultural products, and services. According to the Department of Foreign Affairs and Trade, bilateral trade between Australia and Taiwan was valued at A$17.7 billion in 2019. This makes Taiwan Australia`s ninth-largest trading partner.

Despite the lack of a free trade agreement, there are still a number of initiatives aimed at improving trade between Australia and Taiwan. One such initiative is the Australia-Taiwan Economic and Trade Agreement (ATEA), which was signed in 2013. The ATEA aims to reduce trade barriers and promote economic cooperation between Australia and Taiwan. Under the agreement, tariffs were eliminated on a range of Australian exports to Taiwan, including beef, dairy products, and wine. In addition, the ATEA includes provisions for cooperation in areas such as services trade, investment, and intellectual property.

Another important initiative is the New Colombo Plan, which provides Australian students with the opportunity to study and intern in Taiwan. This program aims to promote stronger ties between the two countries by fostering greater understanding and collaboration between young people from Australia and Taiwan.

While there is no free trade agreement between Australia and Taiwan, the two countries continue to engage in robust trade relations. With the signing of the ATEA and other initiatives aimed at improving economic cooperation, it is likely that trade between Australia and Taiwan will continue to grow in the coming years. As such, businesses and individuals looking to engage in trade with Taiwan should be aware of the existing initiatives and opportunities available, and should seek advice from experts in the field to ensure they are well-positioned to succeed in this dynamic market.