Taiwan opens market in bid for WTO membership card

Taiwan is preparing to offer foreign insurers improved accession to its domestic grocery store as part of an balance to secure membership in the World Trade Organization. But the islands prickly relations with chinaware may put off the realization of these benefits for several years.

Taiwan officials formulate they consent all but completed negotiations with WTO members on the toll of its entry into the trading body-negotiations that began in 1992.

Taiwans government promises to open the commercialise for re indemnity and insurance go such as claim colonisation and actuarial go for both the behavior and nonlife insurance sectors, and to convey all restrictions on foreign companies offering such services in Taiwan, a trade official in geneva said.

In addition, the government will grant foreign companies unrestricted access to provide direct insurance and insurance intermediation services for maritime shipping and commercial aviation.

Taiwan wants to maintain a banish on sales and marketing of life, accident and health insurance by nonresident companies and a requirement that foreign life insurance agents and brokers with offices in Taiwan must employ at least one person who has secured a local agents or brokers license.

But Taiwans hopes of acceding to the organization by years end are being stymied by its half-century rivalry with mainland China.



Beijing describes the island as a renegade obligation and insists that Chinas 13-year effort to join the WTO must be successfully enwrapped up before Taiwan can join the trade body.

Unfortunately for Taiwan, that view carries weight among the WTOs 134strong membership, in particular developing countries that have close diplomatic relations with Beijing.

To make matters worse, Hong Kong, which maintains a break down seat in the WTO despite its July 1997 handover to China, has so far declined to subscribe off on a bilateral trade agreement it negotiated with Taiwan. Under...

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