🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Taiwan joins WTO procurement agreement

Published 06/16/2009, 11:54 AM
Updated 06/16/2009, 11:59 AM

* Taiwan joins WTO procurement agreement from July 15

* Allows it to sidestep Buy American provisions

* Taiwan procurement market is $20 billion

GENEVA, June 16 (Reuters) - Taiwan has joined the World Trade Organisation's government procurement agreement, allowing its companies to bid for government contracts from other members, a WTO spokesman said on Tuesday.

In particular, membership of the agreement means that Taiwanese firms will be able to bid for U.S. government contracts, despite the controversial Buy American provisions in the U.S. stimulus package.

After negotiating membership of the agreement in December 2008, Taiwan had an extended deadline of July 9 to ratify it.

"Now they communicated in an official letter that we received yesterday (June 15) that they have completed the ratification," WTO spokesman Josep Bosch told Reuters.

Membership takes effect one month after ratification -- on July 15. Taiwan, whose government procurement market is worth about $20 billion a year, is the 41st territory to join the agreement.

The WTO's 153 members agree not to discriminate against each other or favour domestic producers over foreign competitors.

But rules covering government procurement are subject to a separate voluntary agreement, in which countries agree with other members what parts of their state procurement they will open up in return for access to contracts with the others.

President Barack Obama agreed to the Buy American provisions on condition that they were in line with U.S. international trade commitments -- in practice that they did not affect procurement arrangements with the WTO or North American Free Trade Agreement NAFTA.

Most members of the procurement agreement are rich countries. It comprises Aruba, Canada, the European Union and its 27 member states, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Norway, Singapore, South Korea, Switzerland and the United States.

Neither China nor India are members of the WTO agreement, although China is negotiating to join.

Other countries negotiating membership are Albania, Georgia, Jordan, Kyrgyzstan, Moldova, Oman and Panama. Ukraine has said it intends to start negotiations and Saudi Arabia is considering launching them. (Reporting by Jonathan Lynn; Editing by Stephanie Nebehay)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.