Taiwan and New Zealand Strengthen Economic Ties

Strategic Insights -

Taiwan and New Zealand have agreed to broaden their cooperation in areas such as digital content and biotechnology, despite differences on agricultural issues. The two nations have a long-standing economic relationship, with Taiwan being New Zealand's fifth-largest trading partner, and New Zealand being Taiwan's largest trading partner in the Pacific. The strengthened ties are expected to boost trade and investment between the two countries.

Key Takeaways:

  • Taiwan and New Zealand agreed to enhance cooperation in digital content and biotechnology under the frameworks of the World Trade Organization (WTO) and the Asia-Pacific Economic Cooperation (APEC) forum.
  • The two countries have a common ground on trade facilitation and market opening for non-agricultural products, despite differences on agricultural issues.
  • Taiwan will ask New Zealand to support its efforts to enter the Organization for Economic Cooperation and Development (OECD) as an observer.
  • The two countries will further discuss cooperative ventures in the 17th joint conference of the Taiwan-New Zealand Business Council and the New Zealand-Taiwan Business Council in September in Wellington.
  • Economic Affairs Vice Minister Yiin Chii-ming and New Zealand Deputy Secretary of Foreign Affairs and Trade Derek Leask led the talks as the main delegates of the two countries.

Statistics:

  • Taiwan is New Zealand's fifth-largest trading partner.
  • New Zealand is Taiwan's largest trading partner in the Pacific.
  • The 11th Taiwan-New Zealand Economic Consultation Meeting discussed a broad range of trade and economic issues.

Sources:

  • CNA (Central News Agency)
  • World Trade Organization (WTO)
  • Asia-Pacific Economic Cooperation (APEC)
  • Organization for Economic Cooperation and Development (OECD)