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Taiwan's Asia Pacific economic strategies after the Economic Cooperation Framework Agreement

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  • Shiro Armstrong
Abstract
Taiwan has had discriminatory trade and investment policies towards China, severely limiting economic engagement across the Strait. Not having free and open trade with China, one of the largest and most important parts of the East Asian economy, has resulted in Taiwan's underperforming in attracting foreign direct investment, effectively cut Taiwan off from participating fully in East Asian production networks and prevented the deepening of its specialisation in the regional and international economy. The Economic Cooperation Framework Agreement is a watershed in cross-Strait relations and gives Taiwan the opportunity to integrate more fully into the East Asian economy. There is pressure now for Taiwan to pursue preferential trade deals with other countries. This is not the best way forward; rather, Taiwan should pursue a multilateral trade strategy and focus on domestic reforms that will bring larger economic gains, economic diversification and avoid the political risks to the cross-Strait relationship associated with preferential deals.

Suggested Citation

  • Shiro Armstrong, 2013. "Taiwan's Asia Pacific economic strategies after the Economic Cooperation Framework Agreement," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 18(1), pages 98-114.
    • Handle: RePEc:taf:rjapxx:v:18:y:2013:i:1:p:98-114
    DOI: 10.1080/13547860.2012.742668
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    References listed on IDEAS

    as
    1. Shiro Armstrong, 2007. "Measuring Trade and Trade Potential: A Survey," Asia Pacific Economic Papers 368, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
    2. Daniel H. Rosen & Nicholas Lardy, 2004. "Prospects for a US-Taiwan Free Trade Agreement," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa73, April.
    3. Philippa Dee & Jyothi Gali, 2005. "The Trade and Investment Effects of Preferential Trading Arrangements," NBER Chapters, in: International Trade in East Asia, pages 133-176, National Bureau of Economic Research, Inc.
    4. Daniel H. Rosen & Zhi Wang, 2010. "Deepening China-Taiwan Relations through the Economic Cooperation Framework Agreement," Policy Briefs PB10-16, Peterson Institute for International Economics.
    5. Peter Drysdale & Xinpeng Xu, 2007. "Taiwan's Role in the Economic Architecture of East Asia and the Pacific," World Scientific Book Chapters, in: Julian Chang & Steven M Goldstein (ed.), Economic Reform And Cross-Strait Relations Taiwan and China in the WTO, chapter 5, pages 149-185, World Scientific Publishing Co. Pte. Ltd..
    6. Shiro Armstrong & Peter Drysdale, 2009. "The Influence of Economics and Politics on the Structure of World Trade and Investment Flows," EABER Working Papers 22762, East Asian Bureau of Economic Research.
    7. Prema-chandra Athukorala & Jayant Menon, 2010. "Global Production Sharing, Trade Patterns and Determinants of Trade Flows," Departmental Working Papers 2010-06, The Australian National University, Arndt-Corden Department of Economics.
    8. Daniel H. Rosen & Zhi Wang, 2011. "The Implications of China-Taiwan Economic Liberalization," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa93, April.
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    Cited by:

    1. Shiro Patrick Armstrong, 2015. "East and South Asia: Managing Difficult Bilateral Relations and Regional Integration Globally," Asian Economic Journal, East Asian Economic Association, vol. 29(4), pages 303-324, December.

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