Australia has been a global player in international trade for decades, and as such, it has entered numerous trading agreements with countries all over the world. One such country is Taiwan. However, the question remains- does Australia have a free trade agreement with Taiwan?
To answer this question, we need to delve into the history of the relationship between Australia and Taiwan. Despite not having diplomatic relations, the two countries have maintained a close economic relationship, with Taiwan being Australia`s 12th largest trading partner. In recent years, there have been talks of a possible free trade agreement (FTA) between the two countries.
An FTA is a treaty between two or more countries that aims to reduce barriers to trade and increase economic integration. This can include the removal of tariffs on goods, the liberalization of services, and the protection of intellectual property. FTAs can be bilateral (between two countries) or multilateral (between more than two countries).
As of yet, Australia and Taiwan do not have an FTA. However, there have been ongoing talks between the two countries to establish one. In 2017, a Joint Economic and Trade Commission (JETCO) meeting was held between Australia and Taiwan, during which the two sides discussed ways to strengthen their economic partnership. At the time, the Australian Department of Foreign Affairs and Trade stated that they were «committed to exploring ways to strengthen our economic engagement with Taiwan, including through a potential FTA.»
Since then, there have been no updates on the progress of the FTA negotiations. Despite this, trade between Australia and Taiwan continues to thrive, with exports from Australia to Taiwan totaling over $9 billion in 2019. This figure is expected to increase as the two countries continue to deepen their economic relationship.
In conclusion, Australia and Taiwan do not currently have a free trade agreement. However, there have been talks to establish one, and the two countries continue to maintain a strong economic relationship. As a professional, it is important to note that this article can be optimized by including keywords such as «Australia Taiwan FTA, Australia Taiwan trade, Australia Taiwan relationship» to ensure it reaches the right audience searching for information on this topic.