Taiwan WTO Survey: Getting a Head Start on Reform

A former high ranking official at Taiwan's Council of Economic Planning and Development recently commented that Taiwan has very little to do in the way of reforms in banking, capital markets, insurance and other financial service sectors in order to comply with its WTO commitments. Soon after Taiwan's accession was announced in early November, an official at the American Institute in Taiwan (the "unofficial embassy/consulate" maintained by the US in Taiwan) expressed concern that "Taiwan doesn't seem to be doing anything" to prepare for WTO accession.

These comments raise interesting questions as to how much more liberalization of markets in Taiwan is required to meet the WTO criteria. Some would argue that Taiwan was eligible for WTO accession more than five years ago but its membership was held up on account of political considerations. What major events led up to Taiwan's accession? What changes have been mandated by the territory's WTO accession? Our brief survey, though not exhaustive, will give an idea of the changes Taiwan has undertaken, and the challenges ahead.

Joining the WTO