TAIPEI (Taiwan News) – The launch of the Intellectual Property and Trade Tribunal played a key role in raising Taiwan to sixth place on the Heritage Foundation’s list of the world’s freest economies, according to reports on Tuesday August 17.
The National Development Council said that the more efficient handling of trade disputes by the justice system has helped Taiwan’s rise to its current position, UDN reported. The conservative US think tank only listed Singapore, Australia, New Zealand, Switzerland and Ireland ahead of Taiwan on its Index 2021 from 184 countries.
“Its overall score is higher than regional and global averages”, the foundation noted, adding that this year, “Taiwan’s economy recorded its best performance in the index’s 27-year history, moving closer than ever to the ranks of free.” On the previous list, the country was still ranked No. 11.
During July, the first month of its existence, the Intellectual Property and Trade Tribunal resolved four of the six cases assigned to it, indicating a high level of efficiency, officials said. The court deals with a variety of cases involving publicly traded companies, affecting market order and investor rights, or involving amounts in excess of NT $ 100 million (US $ 3.58 million).