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F I S C A L I M P A C T R E P O R T

SPONSOR Altamirano

ORIGINAL DATE

LAST UPDATED

3/1/07

HB

SHORT TITLE Trade Between New Mexico & Taiwan

SB SM 54

ANALYST Wilson

APPROPRIATION (dollars in thousands)

Appropriation

Recurring

or Non-Rec

Fund

Affected

FY07

FY08

NFI

(Parenthesis ( ) Indicate Expenditure Decreases)

SOURCES OF INFORMATION

LFC Files

SUMMARY

Synopsis of Bill

Senate Memorial 54 promotes trade between New Mexico and Taiwan and urges the United

States government to sign a free trade agreement with Taiwan.

Taiwan is commended on its contributions to the global community.

New Mexico declares its support of a free trade agreement between the United States and

Taiwan that is mutually beneficial to New Mexico, the United States and Taiwan.

Copies of this memorial shall be transmitted to the secretary of the Economic Development

Department, members of New Mexico's congressional delegation, the United States secretary of

state and the United States trade representative office.

SIGNIFICANT ISSUES

Taiwan and the United States are long-standing friends and allies, both cherishing the commonly

shared values of freedom, democracy and human rights.

Taiwan is the world's seventeenth largest economy and the United States' eighth largest trading

partner as wells the fifth largest market for the United States' agricultural products.

Senate Memorial 54– Page

2

Taiwan is an important trade partner with New Mexico, importing products from New Mexico,

including computer and electronic products and agricultural products.

Taiwan, as a leading manufacturer of information technology products, is an indispensable

provider of the global high-technology industry, and its peace and stability are not only vital to

the Asian Pacific region, but also to the world economy.

Taiwan, as a willing and contributing member of the world community, has been one of the most

active foreign parties to contribute aid in the aftermath of Hurricane Katrina and other natural

disasters in 2005.

The economic growth in trade between New Mexico and Taiwan is recognized, and New Mexico

declares the need for a free trade agreement between the United States and Taiwan to further

promote economic exchanges and opportunities for further trade exchanges.

DW/nt