MOEA Devises Complementary Measures for New Legislation on Free Trade
As the Executive Yuan endeavors to join the Trans-Pacific Partnership (TPP), Taiwan’s Ministry of Economic Affairs (MOEA) has drafted complementary measures for the new Free Trade Legislation.
In reaction to the possibility of participation in the TPP, on December 7, 2015, the Legislative Yuan passed the “Free Trade Support Act,” providing the legal authorization for the Government to subsidize industries that will be hit by the Free Trade Agreements between Taiwan and TPP member states.
One MOEA deputy minister explained to the media that subsidies will be provided to local industries, including those operating in the manufacturing sectors, over a span of 10 years, and that the amount of the subsidies will exceed NTD $10 billion.
According to the Executive Yuan, the economic scale of TPP is expected to approximate US$ 28 trillion, accounting for 36 percent of the world’s overall production value.
According to industry leaders in Taiwan, many local laws and regulations, including but not limited to those related to Food and Drug Safety, will have to be revised in order to meet international standards of TPP.
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