Taiwanese companies that manufacture semiconductor chips are keeping up with the export controls imposed by the government to Russia. According to the Economy Ministry of Taiwan on Sunday, these controls were put in place as a part of Taiwan’s sanctions against Russia over it invading Ukraine.
On Friday, Taiwan had announced that it would be participating in the slew of international sanctions primarily imposed by Western countries against Russia. Taiwan is the amongst the largest semiconductor makers of the world – the largest contract chip maker of the world is based in the country, TSMC, which is also the most valuable publicly listed company of Asia.
According to the statement issued by the Economy Ministry of Taiwan, the island, which claims to be independent but on which China has a traditional claim to be its, was simply following the Wassenaar Arrangement on export controls for weapons and dual-use goods and technologies. The agreement was signed in 1996 by 42 countries. The framework is being used by Taiwan to strictly scrutinise products that are being exported to Russia.
“Domestic semiconductor manufacturers have also expressed that they will abide by the laws and closely cooperate with government measures,” the ministry added, but did not elaborate further.
Last week, TSMC had said that it would comply with all of the export control rules imposed. The company however did not made any comment on Sunday after the ministry’s statement.
Since China claims Taiwan to be its territory, the island is effectively excluded from most international bodies and agreements and hence it is not a signatory to the Wassenaar Arrangement.
However, the government of Taiwan has now and again attempted to exhibit that they are a responsible member of the international community and follows measures such as United Nations sanctions on North Korea for its missile and nuclear tests.
Taiwan’s exports to Russia are minimal.
The Taiwanese government does not expect to have any significant impact on it because of the war ongoing in Ukraine on the supply of key raw materials for semiconductors, the government said on Saturday.
(Adapted from ChannelNewsAsia.com)
Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability
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