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China Times: 'One Belt, One Road' offers Taiwan new opportunities

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China Times: 'One Belt, One Road' offers Taiwan new opportunities

The "One Belt, One Road" initiative, which covers 26 countries across Asia, Africa and Europe with a total population of 4.4 billion and total GDP of US$21 trillion, is a new political and economic strategy being promoted by China. The plan presents new opportunities for Taiwan's economy and can serve as a catalyst to deepen cross-Taiwan Strait economic relations. Governments on both sides of the strait should put a higher priority on Taiwan's participation in the initiative. With its export growth stuck below 3 percent three years running, Taiwan must find a new opening for its export sector in order to sustain its economic growth. At present, Taiwan exports little to Central and West Asian countries along the Silk Road Economic Belt. By participating in the "One Belt, One Road" initiative, Taiwan might be able to expand its exports to these countries. Meanwhile, the 21st-Century Maritime Silk Road, which leads to Africa and Europe via the South China Sea and the Indian Ocean, can provide a channel for Taiwan to make inroads into Southeast Asian markets. If Taiwan wants to participate in the "One Belt, One Road" initiative, it must expand its cooperation with the Tianjin Free Trade Zone and the Fujian Free Trade Zone. The recently launched Tianjin Free Trade Zone is the nearest point to Xi'an -- the starting point of the Silk Road Economic Belt. If a free trade system can be built between Taiwan and Tianjin, Taiwanese businesses will obtain a favorable position in the supply chain of the economic belt. The Fujian Free Trade Zone, on the other hand, is the starting point of the 21st-Century Maritime Silk Road. Cooperation between Taiwan and Fujian will build a link allowing Taiwan to expand its trade along the route to Europe. (Editorial abstract -- April 28, 2015) (By Y.F. Low)


Updated : 2021-09-22 22:06 GMT+08:00