Monday, August 20, 2007

Little to worry about in Taiwan's economy: AIT Taipei Office head

Taipei, Aug. 16 (CNA) Taiwanese have little to worry about their national economy and Taiwan-U.S. bilateral trade is on track for another record year, American Institute in Taiwan (AIT) Taipei Office Director Stephen Young said Thursday.

Young took note of the food safety issue, and encouraged Taiwan to "review accepted international standards and adopt a science-based approach that ensures consumer safety while avoiding unnecessary trade disruptions, " in his remarks at a Leader Forum organized by the Taipei-based Chinese National Federation of Industries (CNFI).

Young's elaboration on the issue came on the heels of the Department of Health's (DOH's) announcement Tuesday that it would relax a ban on ractopamine in livestock to permit low residue levels of the veterinary drug in pigs and cattle. The issue has received much public attention since the DOH rejected last month two shipments of U.S.-exported pork which were found to contain ractopamine residue.

In the first half of the year, a 19 percent increase in U.S. exports to Taiwan outpaced overall bilateral trade growth at 7 percent, Young said, noting that the U.S.-Taiwan economic relationship has never been stronger.

"Many of my Taiwanese friends seem preoccupied by doubts over Taiwan's economic competitiveness and future. Given your many strengths, I think you have little reason for worry, " he told CNFI members.

The AIT also noted that economic issues were emerging as a major topic of the coming presidential election and welcomed that debate, he said.

Young said that the U.S.-Taiwan Trade and Investment Framework Agreement (TIFA) is the primary vehicle for deepening bilateral trade relationship and the process has seen renewed vigor, most recently with July's successful round of talks in Washington.

The top U.S. representative in Taiwan also once again urged Taiwan to expand economic ties across the Taiwan Strait to enhance its global competitiveness.