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Taiwan intends to hold FTA talk with Indonesia

CENS 2011/08/05

Taiwan intends to hold FTA talk with Indonesia

Taipei, Aug. 5, 2011 (CENS)—After negotiating with Singapore on economic partnership, Taiwan now studies similar talks with Indonesia to sign free trade agreement (FTA) to be member of the Association of Southeast Asian Nations (ASEAN).

The Taiwan-Singapore talks focused on tariffs, opening of the service sector and economic partnerships, after having held such negotiations with the Philippines and India.

With 240 million people, Indonesia is the largest of the ASEAN members with rich natural resources as oil, natural gas and coal. Insiders say the mostly Muslim nation is a potential market that may have demand for machinery, plastics, electric machinery, steel & iron, and textiles from Taiwan.

Status of Taiwan`s FTA Negotiations

Nation Population (millions) Per-capita income (US$) Bilateral trade with Taiwan (US$B) Top-3 items imported from Taiwan Top-3 items exported to Taiwan
Indonesia 240 2,748 10.54 Oil & related products, textile, IT Liquefied natural gas, crude oil, chemicals
The Philippines 92.23 1,745 8.3 IC & micro-module, petrochemical products, PCB IC & micro-module, coal tar, capacitor
India 1,156.89 1,030 6.46 Diesel, vinyl chloride, transistor & related parts Oil & diesel, alloy iron, non-plasticized zinc
Singapore 4.8394 36,670 19.73 IC & micro-module, petrochemical products, platinum IC & micro-module, petrochemical products, electric chemicals

Source : Bureau of Foreign Trade

(by Judy Li)

 source: CENS