Reported about 1 year ago
The Executive Yuan's Office of Trade Negotiations announced the first-quarter results of the New Southbound Policy for this year, showing a substantial increase in investment by over 90% compared to the same period last year, focusing mainly on ASEAN countries such as Singapore, Vietnam, and Thailand. Bilateral trade remains active, with a total trade value of $42 billion, marking an 11.9% growth from the previous year, particularly in exports which increased by nearly 30%. The agriculture sector has been promoting agricultural product exports to New Southbound countries, with a quarterly amount of $330 million, an 11.7% increase from last year. The policy, in its ninth year, emphasizes economic and trade exchanges, talent development, resource sharing, and regional connectivity, with a notable increase in exports to New Southbound countries, demonstrating the policy's success in opening up new markets and acceleration in market development. With the complete integration of the ASEAN RCEP in 2023, Taiwan businesses are shifting towards direct investments and setting up local factories to maintain international competitiveness. The New Southbound Policy is proving to be beneficial in enhancing trade relations and market access for Taiwanese businesses in the region.
Source: YAHOO