The 2001 WTO accession of the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu: Negotiating experience – challenges, opportunities and approaches post-accession

The economy of Chinese Taipei has always been highly dependent on trade. Nevertheless, its WTO accession negotiations were demanding – although the results have been significant and beneficial – involving a total of eleven formal meetings and five informal meetings for the working party, and approximately 200 bilateral meetings between Chinese Taipei and thirty different WTO members. The gradual opening of Chinese Taipei’s market exposed domestic industries to global competition, necessitating a process of adjustment and adaptation that has ultimately led to economic growth. For the more vulnerable industries, the challenges of market liberalisation have acted as an incentive to restructure and reinvent in order to improve competitiveness. Chinese Taipei’s accession to the WTO has also been a catalyst for the globalisation and development of these industries and necessitated a process of adjustment and adaptation that has ultimately led to economic growth. The trade policies and regulations of Chinese Taipei underwent a thorough review and revision as a result of the requirements of WTO membership, and this legislative overhaul has been highly beneficial in modernising the trade regime.