[Congressional Record Volume 143, Number 70 (Friday, May 23, 1997)]
[Senate]
[Page S5139]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENATE CONCURRENT RESOLUTION 30--RELATIVE TO THE REPUBLIC OF CHINA ON 
                                 TAIWAN

  Mr. HELMS (for himself and Mr. Lieberman) submitted the following 
concurrent resolution; which was referred to the Committee on Foreign 
Relations:

                            S. Con. Res. 30

       Whereas the Republic of China on Taiwan (hereafter referred 
     to as ``Taiwan'') possesses a free economy with the 19th 
     largest gross domestic product in the world;
       Whereas Taiwan has the 14th largest trading economy in the 
     world and the 7th largest amount of foreign investment in the 
     world and holds one of the largest amounts of foreign 
     exchange reserves in the world;
       Whereas Taiwan is a democracy committed to the economic and 
     political norms of the international community;
       Whereas the purpose of the International Monetary Fund 
     (hereafter referred to as ``IMF'') is to promote exchange 
     stability, to establish a multilateral system of payments, to 
     facilitate the expansion of world trade, and to provide 
     capital to assist developing nations;
       Whereas the membership of Taiwan in the IMF would benefit 
     the world economy, especially those developing countries in 
     need of capital, and would contribute to the purposes of the 
     IMF;
       Whereas the IMF aims to further economic liberalization and 
     globalization and conducts conferences, exchanges, and 
     training programs in international monetary management which 
     would be beneficial to Taiwan;
       Whereas the IMF aims to further worldwide economic 
     relationships and is not a political entity, as evidenced by 
     the fact that Taiwan remained a member of the IMF from 1972 
     until 1980 after it had been forced to give up its membership 
     in the United Nations; and
       Whereas membership in the IMF is a prerequisite for 
     accession to the International Bank for Reconstruction and 
     Development and to regional banks in which the membership of 
     Taiwan would be beneficial and fully justified: Now, 
     therefore, be it
       Resolved by the Senate (the House of Representatives 
     concurring), That it is the sense of the Senate (the House of 
     Representatives concurring) that it should be United States 
     policy to support--
       (1) the admission of the Republic of China on Taiwan 
     (hereafter referred to as ``Taiwan'') to membership in the 
     International Monetary Fund;
       (2) the admission of Taiwan to membership in the 
     International Bank for Reconstruction and Development; and
       (3) the admission of Taiwan to membership in all 
     appropriate regional multilateral economic institutions.

  Mr. HELMS. Mr. President, Senator Lieberman and I are submitting 
today a Senate concurrent resolution in support of Taiwan's admission 
to the International Monetary Fund and the World Bank.
  There is simply no reason that Taiwan should be excluded from these 
multilateral economic institutions. Taiwan has one of the largest 
trading economies in the world. In fact, in the time it took me to 
draft this concurrent resolution, Taiwan went from the 20th largest 
gross domestic product, to the 19th largest.
  Moreover, Taiwan is a democracy and a responsible member of the 
international community. This is more than one can say about many other 
nations who are currently members of these multilateral institutions.
  Mr. President, the purpose of this resolution is straightforward. It 
expresses the sense of the Senate that Taiwan deserves to belong to 
these organizations. This resolution is not directed against any other 
nation. It simply puts the Senate on record in favor of justice for 
Taiwan.

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