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ASTEP benefiting Taiwan-Singapore bilateral trade: Foreign Ministry

ASTEP benefiting Taiwan-Singapore bilateral trade: Foreign Ministry

Taipei, April 24 (CNA) An economic cooperation agreement between Taiwan and Singapore have increased bilateral trade, Taiwan's Ministry of Foreign Affairs said in a statement Friday on the benefits of the trade agreement that took effect a year ago. Taiwan and Singapore signed the Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu on Economic Partnership (ASTEP) in November 2013 and it took effect on April 19, 2014. From last May to January this year, bilateral trade between Taiwan and Singapore reached US$22.03 billion, a 5 percent increase year-on-year, the ministry said in the statement marking the first anniversary of the agreement coming into force. During that time, Taiwan's exports to Singapore grew 9 percent year-on-year to US$15.79 billion, the ministry said, citing official statistics. From last May to February, Singaporean investment in Taiwan stood at US$406 million, up US$188 million from the amount registered from May 2013-February 2014, the ministry said. Since the agreement came into effect, the ministry said, investment from Taiwanese companies in the Southeast Asian country has also increased. Taiwanese investment in Singapore totaled US$131 million from May 2014 to February this year, which was US$44 million more than the amount registered in the same period a year earlier, the ministry said. These statistics showed that the agreement has delivered mutual benefits for Taiwan and Singapore and helped advance bilateral trade relations, the ministry said. Economic officials from both countries also expressed satisfaction over the improving trade relations when they gathered to review the results of the agreement during a meeting on April 13, the ministry said. Meanwhile, the trade agreement with Singapore demonstrated Taiwan's determination to push for trade liberalization as it seeks to join two proposed trade blocs -- the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership (RCEP) -- and take part in regional economic integration, the ministry said. (By Elaine Hou)


Updated : 2021-09-21 11:36 GMT+08:00