The study aims to examine the economic and industry changes between the signing countries since the Taiwan-Singapore and Taiwan-New Zealand ECAs (ASTEP and ANZTEC, respectively) took effect, identify the actual benefits of the agreements, and provide recommendations for policy makers in Taiwan.

The results of the analysis indicate that ASTEP has contributed to enhanced industrial cooperation between Taiwan and Singapore, with a more noticeable increase in bilateral trade in services. As soon as the agreement took effect, Singapore, already an open market (particularly in goods), eliminated tariffs on Taiwan-manufactured alcoholic beverages. However, the preferential treatment did not lead to an increase in alcohol exports to Singapore. Nevertheless, excluding the impact of tariff reduction, significant increases both in export volume and local market share have been observed for Taiwan-made electronics and electrical equipment, as well as machinery in recent years. In comparison, after Taiwan implemented its tariff reduction commitments, Singapore's exports of rubber, machinery, and electronics and electrical equipment to Taiwan have grown considerably. However, exports of certain products, such as minerals, chemicals, plastics, and automobiles, have exhibited a decline, indicating that tariff reductions may help exports in goods trade, but FTAs are not the panacea for market expansion. What’s worth noting is ASTEP's proven benefits in trade in services, especially in boosting Taiwan's overall service exports to Singapore. The agreement has helped foster friendly partnerships and facilitate ease of doing business between the two countries, which is conducive to further market expansion and deepened bilateral economic and trade cooperation.

Meanwhile, ANZTEC has proven beneficial in strengthening bilateral trade in goods and services. In terms of goods, with the complementary nature of the two economies, Taiwan and New Zealand have enjoyed significant growth in exports of industrial and agricultural products with comparative advantages. Since the agreement became effective, Taiwan's exports of plastics, electronics and electrical equipment, automobiles, steel products, and machinery have increased widely, while New Zealand's exports of animal and plant products, as well as processed food products (mainly edible fruits and nuts, meat, miscellaneous prepared foods, and dairy products) have also grown significantly. As the two economies are located in different hemispheres, bilateral agricultural trade could deliver mutual benefits. On the services front, excluding the impact of Covid during 2020, New Zealand's import and export growth with Taiwan are both better than the global average, and bilateral trade in services is highly concentrated in the travel services market. Improved services market access as a result of ANZTEC has led to increased ease of travel for both sides and opportunities for further cooperation.

Chinese：https://web.wtocenter.org.tw/Page/91/388800