Taiwan, Japan trade bodies sign MOU to boost exchanges
The China Post news staffThe Taiwan External Trade Development Council (TAITRA) yesterday signed a memorandum of understanding (MOU) with the Japan External Trade Organization (JETRO) to boots bilateral exchanges.
February 27, 2013, 12:15 am TWN
The document was signed in Tokyo by Wang Chih-kang, chairman of TAITRA, and Ishige Hiroyuki, chairman of JETRO.
The MOU covered cooperation in many sectors including environmental protection, energy, information technology, electronics, agriculture, aqua-culture, and food.
Of note, the document will also help strengthen cooperation in the service industry.
Wang was the head of the TAITRA delegation that also included Y. C. Chao, president of the trade promotion body. The delegation attended the annual TAITRA-JETRO Conference that has been held since 2006.
At the MOU-signing event, Wang was asked about whether Taiwan will feel the impact of a yen devaluation, the centerpiece of the government of the new prime minister Abe Shinzo. According to some local experts, a yen drop will create competitive pressures for Taiwan exporters.
Responding to this, Wang said a yen devaluation could also have positive effects.
“Each year, Japan imports large quantities of precision instruments, raw materials and critical parts and components to the island,” Wang said. “A yen depreciation will lower the cost of imports from Japan.”
He said that Abe recently unveiled a 20-trillion-yen stimulus package seeking to revitalize the Japanese economy and boost domestic demand. “This will also benefit Taiwan and increase business opportunities for Taiwan manufacturers,” he said.
“Japan has shifted its investment focus to emerging markets in Asia,” he added. “Areas in which Taiwan and Japan can cooperate are endless.”