[Congressional Record Volume 152, Number 125 (Friday, September 29, 2006)]
[Extensions of Remarks]
[Page E1929]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            FREE TRADE AGREEMENT BETWEEN THE U.S. AND TAIWAN

                                 ______
                                 

                           HON. PETER T. KING

                              of new york

                    in the house of representatives

                       Friday, September 29, 2006

  Mr. KING of New York. Mr. Speaker, today I rise in support of H. Con. 
Res. 236, a resolution expressing Congressional support for a free 
trade agreement between the United States and Taiwan. As a cosponsor of 
this resolution, I join with over 65 of my colleagues in urging the 
Administration to begin these negotiations.
  For more than 50 years, the U.S. and Taiwan have shared a close 
economic and security relationship resulting in more than 140 bilateral 
agreements. In 2005, trade between these countries totaled $56.9 
billion as Taiwan became the 8th leading trading partner of the U.S. 
while the U.S. was Taiwan's 3rd leading trading partner. The Bush 
Administration has shown its commitment to expanding free trade in the 
region by signing FTAs with Singapore and launching negotiations with 
Korea and Malaysia recently. Now it is time to start discussions with 
Taiwan on a FTA that will further strengthen this relationship.
  A 2002 report issued by the U.S. International Trade Commission found 
various sectors of the U.S. economy would increase significantly if the 
U.S. entered in to a FTA with Taiwan. While both the U.S. and Taiwan 
would benefit greatly from the elimination of trade and investment 
barriers, New York State stands to gain as well. Some of the largest 
U.S. companies whose headquarters are based in New York have invested 
in Taiwan. And over 300 Taiwanese companies specializing in computers, 
finance, and jewelry have invested in New York. In 2005 New York State 
exported over $1 billion worth of products to Taiwan. The reduction of 
these tariffs will certainly increase exports to Taiwan and create more 
jobs in New York. Finally, this FTA will allow New York companies to 
use Taiwan as a gateway for selling its products to China and the 
entire Asia-Pacific region.
  A FTA between the U.S. and Taiwan has already been endorsed by 23 
state legislatures. This important agreement will expand and greatly 
enhance the already close relationship between the U.S. and Taiwan.
  Mr. Speaker, given these facts, I believe now is the time to begin 
negotiations on a free trade agreement between the United States and 
Taiwan.

                          ____________________