Taiwan parliament passes 'WTO' bill

Reuters, Taipei

Taiwan's parliament approved 14 bills ranging from sweeping tariff reductions to further market opening, clearing the way for the island to join to the World Trade Organization (WTO).

The Legislative Yuan, or parliament, approved the WTO-related legislation late on Wednesday before it recessed for one month ahead of the Dec.1 parliamentary elections.

Taiwan and China are expected to join the WTO at a meeting of ministers of all member countries in Doha, Qatar, on Nov.9-13.

After that, both China and Taiwan have to summon their parliaments to ratify the entry packages and then notify the WTO that this has been done. Exactly one month later, they are automatically admitted.

Taiwan's parliament will hold an extraordinary session to ratify the island's membership in November.

The bills or revisions to existing laws slash tariffs on imported goods, allow foreign lawyers to practice in Taiwan and ease restrictions on foreign ownership in domestic airlines, among other things.

Taiwan has sought to join the WTO for more than a decade. Although it had completed negotiations with member nations, China, which views the island as a breakaway province, insisted it join the Geneva-based global trading club before Taiwan.