Cho Jung-tai: Taiwan's GDP Growth Accelerates, Set to Enter World's Top 20 Economies
Taiwan's Premier Cho Jung-tai announced that Taiwan's GDP growth is accelerating and the country is set to enter the world's top 20 economies. He also indicated that additional tariffs would be reduced under the Agreement on Reciprocal Trade (ART) with the United States.
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- 📰 Published: June 6, 2026 at 15:54
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(Central News Agency, reporter Lin Chiao-lien, Kaohsiung, 6th) The Chinese National Association of Industry and Commerce held a business luncheon in Kaohsiung today. Premier Cho Jung-tai led ministry heads to attend. In his speech, he said that as the world enters an era of supply chain restructuring, Taiwan's GDP growth is accelerating, and Taiwan is about to enter the world's top 20 economies.
Cho mentioned that the government has already negotiated preferential terms for the Agreement on Reciprocal Trade (ART) with the U.S. and will continue to strive to ensure the relative treatment Taiwan has secured in the ART signed between Taiwan and the U.S. Currently, among the 60 economies announced by the U.S., the additional tariffs will range from 10% to 12.5%. "Because Taiwan has the ART as a foundation, it will fall into the lighter category. The negotiation team will make final confirmations with the U.S. side," Cho said.
Today, Cho led heads of the Financial Supervisory Commission, Ministry of Labor, National Development Council, and Ministry of Environment to Kaohsiung for the business luncheon. Kaohsiung Mayor Chen Chi-mai accompanied them. Attendees included chairmen from Chang Chun Plastics, China Steel, Southeast Cement, I-Mei Foods, and several construction companies.
Cho stated that under the leadership of President Lai Ching-te, the administrative team is reporting to the people on a performance review that is still in progress. Although the administrative team dare not and cannot say how good the future will be, "what we can guarantee is that we will work hard to make Taiwan better and better."
He said Taiwan is embracing an era of global supply chain restructuring. "Due to the restructuring of non-red supply chains, Taiwan has seized a development opportunity." With its world-leading high-tech manufacturing, Taiwan's development is accelerating. The government must also expand its care for the people, including enhancing national security and ensuring sustainable political and economic development.
In his opening remarks, Wu Tung-liang, Chairman of the Chinese National Association of Industry and Commerce, said that over the past year, Taiwan has been at the core of the global artificial intelligence (AI) and semiconductor supply chain. In the first quarter of this year, the Gross Domestic Product (GDP) hit a 48-year high. Taiwan's stock market has seen both price and volume rise, becoming the world's fifth-largest capital market. "I believe the economic growth rate this year will definitely exceed 10%," he said.
Wu said that as Taiwan's critical position in the global supply chain continues to rise, enhancing the economic resilience of southern Taiwan at this moment is equivalent to strengthening Taiwan's security. Through the "Greater Southern New Silicon Valley Plan," the central government is building an AI technology corridor extending from Chiayi to Pingtung. The establishment of the Asian Asset Management Center in Kaohsiung demonstrates the government's determination to extend the focus of finance and capital markets southward. (Editor: Huang Ming-hsi) 1150606
Cho mentioned that the government has already negotiated preferential terms for the Agreement on Reciprocal Trade (ART) with the U.S. and will continue to strive to ensure the relative treatment Taiwan has secured in the ART signed between Taiwan and the U.S. Currently, among the 60 economies announced by the U.S., the additional tariffs will range from 10% to 12.5%. "Because Taiwan has the ART as a foundation, it will fall into the lighter category. The negotiation team will make final confirmations with the U.S. side," Cho said.
Today, Cho led heads of the Financial Supervisory Commission, Ministry of Labor, National Development Council, and Ministry of Environment to Kaohsiung for the business luncheon. Kaohsiung Mayor Chen Chi-mai accompanied them. Attendees included chairmen from Chang Chun Plastics, China Steel, Southeast Cement, I-Mei Foods, and several construction companies.
Cho stated that under the leadership of President Lai Ching-te, the administrative team is reporting to the people on a performance review that is still in progress. Although the administrative team dare not and cannot say how good the future will be, "what we can guarantee is that we will work hard to make Taiwan better and better."
He said Taiwan is embracing an era of global supply chain restructuring. "Due to the restructuring of non-red supply chains, Taiwan has seized a development opportunity." With its world-leading high-tech manufacturing, Taiwan's development is accelerating. The government must also expand its care for the people, including enhancing national security and ensuring sustainable political and economic development.
In his opening remarks, Wu Tung-liang, Chairman of the Chinese National Association of Industry and Commerce, said that over the past year, Taiwan has been at the core of the global artificial intelligence (AI) and semiconductor supply chain. In the first quarter of this year, the Gross Domestic Product (GDP) hit a 48-year high. Taiwan's stock market has seen both price and volume rise, becoming the world's fifth-largest capital market. "I believe the economic growth rate this year will definitely exceed 10%," he said.
Wu said that as Taiwan's critical position in the global supply chain continues to rise, enhancing the economic resilience of southern Taiwan at this moment is equivalent to strengthening Taiwan's security. Through the "Greater Southern New Silicon Valley Plan," the central government is building an AI technology corridor extending from Chiayi to Pingtung. The establishment of the Asian Asset Management Center in Kaohsiung demonstrates the government's determination to extend the focus of finance and capital markets southward. (Editor: Huang Ming-hsi) 1150606
FAQ
What is Taiwan's GDP growth rate?
The GDP in the first quarter of this year hit a 48-year high, and the Chinese National Association of Industry and Commerce predicts the economic growth rate will exceed 10% this year.
What is the ART agreement between Taiwan and the US?
The Agreement on Reciprocal Trade (ART) is a trade agreement being negotiated between Taiwan and the US, which includes provisions to reduce additional tariffs on Taiwan.
Which major companies are mentioned in this news?
Companies such as Chang Chun Plastics, China Steel, Southeast Cement, and I-Mei Foods attended the business luncheon in Kaohsiung.