Media release

Australian Minister for Trade, Mark Vaile

Sunday, September 10, 2000

New opportunities in Australia-Taiwan Trade

Trade Minister, Mark Vaile, today highlighted the "new economy" opportunities in the Australia-Taiwan trade and investment relationship in the areas of science and technology, biotechnology and electronic commerce.

"Australia is world-renowned as an innovator in many areas of technology, and Taiwan has developed a highly successful IT industry and is a leader in technology commercialisation," Mr Vaile said. "Science and technology will be a major growth area in the trade and investment relationship."

Mr Vaile was speaking at the joint conference of the Australia-Taiwan and Taiwan-Australia business councils on the Gold Coast.

Mr Vaile also witnessed the signature of two memorandums of understanding (MOU) and the announcement of a joint statement by the Representative of the Australian Commerce and Industry Office, Mr Sam Gerovich, and the Representative of the Taipei Economic and Cultural Office, Mr Chin-tien Yang:

• MOU on Scientific Cooperation
• MOU on Promotion and Facilitation on Two-Way Investment in Biotechnology
• Joint Statement on E-Commerce

"I am confident that each of these arrangements will contribute to a new stage of cooperation in the new economy between Australia and Taiwan," Mr Vaile said.

Taiwan was Australia's eighth largest trading partner in 1999-2000, with two-way merchandise trade reaching A$7.9 billion. Australia's merchandise exports to Taiwan rose 12% to A$4.7 billion last financial year.