[Congressional Record Volume 149, Number 110 (Wednesday, July 23, 2003)]
[Extensions of Remarks]
[Page E1561]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[[Page E1561]]
            NEGOTIATE A FREE TRADE AGREEMENT WITH TAIWAN NOW

                                 ______
                                 

                          HON. EDOLPHUS TOWNS

                              of new york

                    in the house of representatives

                         Tuesday, July 22, 2003

  Mr. TOWNS. Mr. Speaker, for over half a century, Taiwan and the 
United States have been close Trade partners. Last year, bilateral 
trade between Taiwan and the United States reached US $51 billion, 
making Taiwan our 8th largest trading partner. It is interesting to 
note that bilateral trade between Taiwan and the United States 
surpassed that of all of our newest prospective free trade agreement 
partners combined. It is therefore timely for us to consider 
negotiating a free trade agreement with Taiwan.
  Our International Trade Commission recently issued a report which 
showed net gains totaling $3.4 billion for the U.S. economy from a 
proposed agreement. Beneficiaries would include U.S. exporters of cars, 
auto parts, machinery and equipment, chemicals and plastic products and 
certain foods. New opportunities would be created for financial and 
educational services.
  Negotiations of a trade agreement would serve long-term U.S. 
interests overseas. A trade agreement with Taiwan would phase out 
tariffs and other non-tariff barriers with Taiwan and promote U.S. 
efforts to increase trade not only with Taiwan but also with other 
countries in the Pacific Rim.
  We will build on the free trade agreements already concluded with 
Chile and Singapore. It is possible we will enter negotiations with 
Australia and New Zealand, eventually reaching the goal of a free trade 
zone in the region by 2010, as envisioned by the APEC Bogor 
Declaration.
  In short, Mr. Speaker, with Taiwan's recent accession to the World 
Trade Organization and passage of Trade Promotion Authority for the 
president, it is most appropriate for the United States to reach out to 
Taiwan, a strong friend and ally in the Pacific. We need to solidify 
our long-term trade relations with Taiwan by starting to negotiate a 
free trade agreement with Taiwan now.

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