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Taiwan 6th in economic freedom index thanks to new court

Intellectual Property and Commercial Court was launched on July 1

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The Heritage Foundation ranks Taiwan sixth on its Economic Freedom Index. 

The Heritage Foundation ranks Taiwan sixth on its Economic Freedom Index.  (CNA photo)

TAIPEI (Taiwan News) — The launch of the Intellectual Property and Commercial Court played a key part in Taiwan climbing to the sixth spot on a list of the freest economies in the world from the Heritage Foundation, reports said Tuesday (Aug. 17).

The National Development Council said the judicial system’s more efficient handling of business disputes had contributed to Taiwan’s rise to its current position, UDN reported. The conservative think tank from the United States only listed Singapore, Australia, New Zealand, Switzerland, and Ireland ahead of Taiwan on its 2021 index of 184 countries.

“Its overall score is above the regional and world averages,” the foundation noted, adding that this year, “Taiwan’s economy turned in its best performance in the 27-year history of the Index, inching closer to the ranks of the free than ever before.” On the previous list, the country was still ranked as No. 11.

During July, the first month of its existence, the Intellectual Property and Commercial Court resolved four of the six cases it was entrusted with, indicating a high level of efficiency, officials said. The court handles a variety of cases involving publicly listed companies, affecting the market order and investors’ rights, or involving sums above NT$100 million (US$3.58 million).