E-Trading system introduced into Taiwan
Central News Agency

November 23, 1999 - An electronic trading system has been officially introduced into Taiwan to provide local companies with an efficient and safe mechanism to realize business deals via computer, a trade official said on Tuesday. Michael K.M. Wei, deputy director-general of the Board of Foreign Trade (BOFT), said the system introduced by the US-based TradeCard Co. will offer an effective network for Taiwan's foreign trade sector to carry out deals worth less than US$500,000, a significant milestone in the government's efforts to create a favorable climate for e- commerce for local businesses.

As the development of the Internet has made a profound impact on global trade practices, andgiven the fact that the World Trade Organization and the Asia-Pacific Economic Cooperation forum are all set to work out rules to regulate on-line trade, it is also necessary for the government to establish a pertinent mechanism to deal with issues such as contract-signing and payment. At the same time, the BOFT has already begun promoting on-line screening and customs clearance in a bid to help combine the flow of products and capital, Wei pointed out.

The BOFT deputy chief made the remarks after witnessing the signing ceremony at National Taiwan University for the joint Cooperative venture between TradeCard and a Taiwan-based technology company to introduce the world's first e-mail trading service system to Taiwan for the local small business sector.

TradeCard Executive Kurt Cavano said Internet trade is safe and speedy, and can greatly cut costs on paperwork. Since Taiwan is strong in hi-tech industries, local businesses should adopt new technology to increase their competitive edge in the fast-changing world market of the next century, he noted. The newly introduced system is a boon for Taiwan enterprises, because its simplified trade process will help local businessmen to carry out on-line commerce -- from purchase to payment -- more efficiently and comprehensively, the TradeCard Taiwan partner said.