Taiwan-Australia Economic Relations
In 2019, the total bilateral trade between Taiwan and Australia was 13.3 billion US dollars, up 3.3%. Australia is Taiwan’s 11th largest trading partner, accounting for 2.17% of our total trade; Taiwan is Australia's 10th largest trading partner, accounting for 2.58% of the country's total trade. Australia is Taiwan's largest source of coal and iron ore imports. In addition, we also import a large number of Australian dairy products, wheat and sugar which makes Taiwan an important trade partner for Australian agricultural products.
According to the Investment Commission, MOEA, Taiwan invested US$316 million in Australia in 2019. The amount of investment from Australia to Taiwan was US$714 million.
To further deepen collaboration between our respective industries, Taiwan and Australia regularly hold meetings annually include the Bilateral Economic Consultations (BEC), Agricultural Working Group Meeting (AWG), Joint Energy and Minerals, Trade and Investment Cooperation Consultations (JEMTIC) and Joint Conference of the ROC-Australia Business Council (ROCABC) & Australia-Taiwan Business Council Ltd. (ATBC).
Biotechnology cooperation is one example. Australia is vigorously promoting clinical trials. Several new drug research and development companies in Taiwan have cooperated with Australian clinical trial companies to carry out clinical trials in Australia. Taiwan also invited Australian companies to come to participate the 2019 "Taiwan-Australia digital and innovative healthcare collaboration conference". Taiwan and Australia continue to cooperate under the bilateral dialogue mechanism.
Another example is renewable energy cooperation. Australia is the leader in the green energy industry, especially in the field of solar technology. In order to achieve the goal of non-nuclear homeland in 2025, Taiwan will increase the proportion of renewable energy power to 20%, which is mainly composed by solar and wind power. We also participated the "Australia All-Energy 2018" exhibition in October 2018 to promote our solar products.
Strategically, Taiwan and Australia share common interests in terms of trade, investment, and industrial affairs. Both sides have gradually increased the scope of cooperation to include science and technology, education, and agriculture to further enhance the welfare of the people.