[Congressional Record Volume 140, Number 149 (Thursday, December 1, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: December 1, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                    IMPROVING RELATIONS WITH TAIWAN

  Mr. PELL. Mr. President, I wish to commend the President for his 
decision to send Secretary of Transportation Pena to Taiwan next week 
to participate in the annual meeting of the U.S.-R.O.C. Economic 
Council.
  This is an important development that, coming on the heels of the 
successful Asian Pacific Economic Cooperation meeting in Indonesia, 
signals the administration's intent to advance American economic 
interests in Asia.
  Secreatary Pena's visit is the result of President Clinton's policy 
review of our relations to Taiwan. Last August I wrote the President 
concerning our policy, advocating such measures as have just been 
taken. For the first time since the formulation of the Taiwan Relations 
Act, the United States will now permit visits by cabinet officials to 
Taiwan.
  As a long time proponent of up-grading our relations with this 
emergent democracy, I hope that this visit will be followed by many 
more and will include visits by Taiwanese officials to the United 
States.
  With a population of approximately 22 million, a gross national 
product of $209 billion that has grown on average at the astounding 
rate of 9 percent per annum for the past 3 decades, Taiwan has achieved 
a remarkable position in the international economy. Taiwan is our 6 
largest export market and ranks 13th among the world's major traders. 
This astonishing pace has earned Taiwan foreign exchange reserves 
amounting to almost $84 billion. In terms of its reserves Taiwan is now 
the world's richest country.
  Modernization plans now underway represent a significant market 
opportunity for American business. The change in American policy 
represented by Secretary Pena's visit should help American businessmen 
to benefit from the growing Taiwanese economy.
  Once again, the President has demonstrated his commitment to 
advancing American economic interests.

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