More on Trade

Courtesy of Taiwan Image.

We assume that, by now, every English-language Taiwan blog out there has the scoop on R.O.C. the Boat when it comes to American Enterprise Institute and Armitage International's much welcome report released last week, by Dan Blumenthal and Randall Shriver. The report is a product of the work of the Taiwan Policy Working Group, which a joint project by the two Washington foreign policy organizations. The report makes many solid recommendations for ways in which the Taiwan-U.S. relationship can be strengthened for the good of their alliance as well as for the health and stability of cross-Strait relations in general. Not surprisingly, trade was part of the recommended agenda:

The United States and Taiwan can strengthen their economic ties to the benefit of both economies. The two economies already share a strong partnership, but as Taiwan's leadership in computer components and next-generation telecommunications technology indicates, there is much room for further growth.
. . . .

A U.S. Taiwan FTA would have bilateral economic and strategic benefits, and it could also provide economic benefits to the region by fostering inter-Asian trade liberalization. U.S. action could have a positive domino effect on other countries, such as Japan, that do not want to see Taiwan excluded from the Asian economic arrangements for both economic and political reasons.

Just a brief excerpt from the good deal that the report had to say about the benefits of trade between Taiwan and the U.S. and the greater benefits a bilateral free trade agreement would bring.

Taiwan's Chief Negotiator, Mr. John Deng from the Office of Trade Negotiations in the Ministry of Economic Affairs (MOEA), is ready to talk turkey with the office of the USTR to get an agreement hammered out. Unfortunately, there are three other bilateral FTAs pending in Congress and public sentiment towards free trade is beginning to cool (to use a gentle term). In the following short piece by Chief Negotiator Deng, "Looking Forward to a U.S.-Taiwan FTA," provided by the MOEA's office in Washington, D.C., Mr. Deng concisely lays out the case for such a trade agreement and calls on American voters to voice their support for a Senate Concurrent Resolution designed to nudge the process along:

Looking Toward a U.S.-Taiwan FTA
Mr. John Chen-Chung Deng
Chief Negotiator, Office of Trade Relations
Ministry of Economic Affairs, Republic of China

In late December, Senators Max Baucus (D-MT) and Jon Kyl (R-AZ) introduced Senate Concurrent Resolution 60, thereby demonstrating continued support in the U.S. Congress for the negotiation of a Free Trade Agreement (FTA) between the United States and Taiwan. Taiwan is grateful to these Senators for their action, and for the longstanding support and friendship of the United States. A U.S.-Taiwan FTA would ensure continued prosperity for Taiwan, and would bring with it many economic benefits for U.S. exporters as well.

Taiwan and U.S. Trade

In recent years, Taiwan has worked with the United States and the World Trade Organization to develop world-class labor standards, environmental safeguards and strong protections for intellectual property rights. Trading with Taiwan means supporting the values of a responsible member of the world community.

Despite a comparatively large level of trade, the U.S. and Taiwan feature different and largely complementary manufacturing bases. For instance, Taiwan produces almost three-quarters of the world’s laptop computers and LCD monitors, as well as four-fifths of the world’s PDAs, often incorporating U.S. technology and design specifications. Taiwan is also a major customer for U.S. exporters and is the largest per capita buyer of several important U.S. farm products including corn, soybeans, meat and wheat. A recent study shows that the FTA would increase U.S.
exports to Taiwan by an estimated $ 6.6 billion annually.

A U.S.-Taiwan FTA, however, would enhance economic opportunities far beyond our
two economies alone. With the strong American business presence in Taiwan, the FTA would encourage U.S. businesses to use Taiwan as a base of operations in Asia, and establish bilateral alliances with Taiwan’s entrepreneurs to explore business opportunities in third markets. Such trends would help to enhance U.S. trade relations with other Asian economies, while also ensuring a strong U.S. economic presence in the region.

Why a U.S.-Taiwan Free Trade Agreement?

Competition among Asian economies is fierce. In order to stay competitive, Asian nations are pursuing FTAs with their key trading partners. These FTAs are often sought not only for their economic benefit, but also for their political and security
significance. Taiwan, however, continues to be excluded from these FTAs as a result of China’s intention to isolate Taiwan from the global trade community. With both the U.S. and Taiwan being members of the World Trade Organization, the reality is that no impediment exists to their establishing closer economic relations through a mutually beneficial trade agreement.

The U.S. and Taiwan have a longstanding friendship stretching back over 60 years. As a result of U.S. engagement and influence, Taiwan was able to emerge as a democracy late last century. Democracy, however, requires economic prosperity. An FTA with the United States would ensure that Taiwan continues to remain prosperous, and that its democracy remains healthy. With this in mind, I wish to call on our friends in the U.S. to support the Concurrent Resolution as introduced by Senators Max Baucus (D-MT) and Jon Kyl (R-AZ).

U.S. State of the Union, Congress and TUFTA

From our viewpoint, watching President Bush's final State of the Union address on Monday night, it seemed like the president had chosen a short list of priorities to focus on for his last year in the White House, one of which is to press for Congress to pass the United States' remaining outstanding negotated Free Trade Agreements. From the address (transcript here):

I thank the Congress for approving a good agreement with Peru. And now I ask you to approve agreements with Colombia and Panama and South Korea. (Applause.) Many products from these nations now enter America duty-free, yet many of our products face steep tariffs in their markets. These agreements will level the playing field. They will give us better access to nearly 100 million customers. They will support good jobs for the finest workers in the world: those whose products say "Made in the USA." (Applause.)

These agreements also promote America's strategic interests. The first agreement that will come before you is with Colombia, a friend of America that is confronting violence and terror, and fighting drug traffickers. If we fail to pass this agreement, we will embolden the purveyors of false populism in our hemisphere. So we must come together, pass this agreement, and show our neighbors in the region that democracy leads to a better life. (Applause.)

- President George W. Bush, 2008 State of the Union Address

With free trade seemingly high on the White House's priority list, there may be better prospects ahead over the next year for the passage of these outstanding agreements. Hence the prospects for a Taiwan-U.S. Free Trade Agreement (TUFTA), which has not been hammered out yet between the two allies, seems brighter as well. Reenforcing this logic are statements made recently by Senate Finance Committee chair Max Baucus (D) of Montana and committee member Jon Kyl (R) of Arizona, as reported in this article by the publication from the Economic Division of TECRO, TaiwanNow:

from TaiwanNow, January 2008 issue
"View from Taipei - Baucus: ‘Launch U.S.-Taiwan FTA Talks’"

Congress Looks Ahead to What’s Next and Needed After Pending Trade Agreements

In late December, Senate Finance Committee Chairman Max Baucus (D-MT) introduced a concurrent resolution calling on the United States to both “increase trade opportunities” with Taiwan and launch negotiations on a bilateral free trade agreement. Co-sponsored by Senator Jon Kyl (R-AZ), the resolution, S Con Res 60, comes at a time when trade has become an easy scapegoat for U.S. economic problems on the campaign trail and as an uncertain outlook for the global economy may push the U.S. and other nations to consider protectionist measures.

During this period of economic uncertainty, it takes bold leadership to look beyond what is politically popular in the short-term to embrace good policy in the long-term. Taiwan is both grateful to Senators Baucus and Kyl for their bipartisan vision and for the longstanding support and friendship of the United States. Negotiating trade agreements with commercially significant economies will help safeguard U.S. economic competitiveness in the years to come, and the case for a U.S.-Taiwan FTA has never been stronger.

As the Senators highlight in their resolution, Taiwan and the United States are among each other’s most important trading partners. U.S.-Taiwan bilateral trade in 2006 totaled $61.2 billion, and Taiwan ranks as the 9th largest U.S. trading partner, the 11th largest export market for U.S. goods; the 6th largest market for U.S. agricultural products and the “3rd, 4th, 5th and 6th” largest buyer of U.S. corn, soybeans, beef and wheat, respectively. Not surprisingly, studies show that both the U.S. and Taiwanese economies would experience significant gains from a bilateral trade agreement. According to the Peterson Institute of International Economics, a U.S.-Taiwan FTA would increase U.S. goods and services exports to Taiwan by up to $6.6 billion annually.

Senators Baucus and Kyl have long been supporters of a U.S.-Taiwan FTA. Baucus introduced the U.S.-Taiwan Free Trade Agreement Act of 2001, and he and Kyl, along with eight other senators, wrote to President Bush in 2003 urging him to launch talks on an agreement. There has also been similar support for a bilateral FTA in the House, with members introducing resolutions calling for the launch of a U.S.-Taiwan FTA in 2003, 2006 (signed by more than 66 representatives) and most recently H Con Res 137 in May 2007, a proposal co-sponsored by Congressional Taiwan Caucus co-chairs Shelley Berkley (D-NV), Steve Chabot (R-OH), Dana Rohrabacher (R-CA) and Bob Wexler (D-FL.) as well as Rep. Jim Ramstad (R-MN).

Which brings us back to 2008: We hope that members of Congress and the private sector will support an economically significant U.S.-Taiwan FTA and the resolutions introduced by Senators Baucus and Kyl and Reps. Berkley, Chabot, Rohrabacher, Wexler and Ramstad this year. The time for Taiwan is NOW.

Taiwan's Titanic Tech Trade

We came across an article from last Friday on PC Magazine's website entitled, "China-Taiwan Showdown Involves Politics, PCs." Glenn Smith's article is an interesting look at the ways in which a serious turn for the worse in the relationship between Taiwan and China could pose a serious threat to the world's IT electronics market. At face value, Smith's thesis seems a bit obvious: Taiwan is the world's leading producer higher end electronic devices, and many of the components used to assemble these products are sourced from factories in China, so of course a serious confrontation across the Taiwan Strait would harm the industry. Yet the scope of the possible harm done can sometimes be easily overlooked.

According to Smith's article, "Taiwan is the world's number one volume supplier of motherboards, WLAN NIC cards, VoIP cards, VoIP routers, laptops [83%], DSL customer premises equipment, cable modems, IP phones, PDAs [73%], VoIP terminals, LCD monitors [70%], switches, WLAN access points, color tube monitors and large LCD panels." Not only does Taiwan lead in all of these categories, it commands over half the global market share's dollar value in each and every one of them. Taiwan's tech industry is truly a global juggernaut.

Although over the years an increasing share of this nominal output has been manufactured by Taiwanese-owned fabrication outfits in China, virtually all product design originates in Taiwan's venerable scientific industrial parks. Furthermore, TFT-LDC lens and semiconductor production still remains largely on Taiwan soil. From the article:

Tze-Chen Tu, general director of the Industrial Economics & Knowledge Center (IEK), at Taiwan's Industrial Technology Research Institute (ITRI), said that every country wants to keep its first-tier industries at home, and that technology transfers are banned if thought harmful to economic or national security.

"We don't like to see them go but even when Taiwan companies shift manufacturing to China, they come back for design and for critical components," said Tu.

The net result? According to Smith, whereas the production and export of existing electronics to the United States and other tech-consuming countries might be maintained during a crisis, "if things fall apart and a Tom Clancy scenario unfolds in the Taiwan Strait you can forget about upgrading your PC or laptop for a while. The hundred miles of shallow seas separating Taiwan and China happen to be the most important yet most precarious link in the global ICT [Information and Communications Technology] supply chain."

All these are very good economic reasons for the United States and most other countries to take a vested interest in maintaining peace and trade communications across the Taiwan Strait. Yet, in highlighting Taiwan's central role in this global industry, we are also shining light on the real benefits that could be reaped by businesses and consumers in both Taiwan and the United States from a free trade agreement between the two countries.

The electronic 'triangle trade' that currently exists between the U.S., Taiwan and China is formed as major American firms such as IBM, Intel and Apple look to Taiwan firms to design critical components for new products which are then manufactured and assembled in China and shipped to consumer outlets in the U.S. Due in large part to this dynamic, the United States is Taiwan's largest source of foreign direct investment and 3rd largest export market, while Taiwan, an island of 23 million, is the United States' 9th largest trading partner and 8th largest export market. Lowering trade barriers on any leg of the ICT trade flow would lower artificially imposed production costs and therefore equal higher company profits and lower price tags for consumers.

As mentioned in earlier posts on this site, there are of course other economic areas in which Taiwan and the United States, as close allies and trading partners, have formed strong ties. U.S. exports to Taiwan in 2006 amounted to $23 billion and Taiwan is a leading consumer of American meat and produce as well as cars and other industrial products. One 2002 study by the U.S. International Trade Commission (USITC) projected that a Taiwan-U.S. Free Trade Agreement (TUFTA) would double American exports to Taiwan in the agricultural and auto sectors while raising overall exports $3.4 billion or 16% (at the time) annually. In 2004 a study by the Institute for International Economics (IIE) raised the expectations for annual increases in exports to $6.6 billion. Clearly the potential for growth in American exports Taiwan is increasing in proportion to current trade volume and considerably outpacing the current level of growth.

As we have long been consistently advocating here at R.O.C. the Boat, a US-Taiwan Free Trade Agreement would bring tangible economic benefits two both the United States and Taiwan--two countries whose economies are enmeshed but to a large degree do not overlap. Furthermore, an FTA would grease the wheels of the Asia-Pacific tech trade and add to the stability of the region. Finally, according to the same 2004 IIE study mentioned above, TUFTA would create more economic gains for the U.S. than those of 10 other current or potential FTA partners, including Australia, Singapore, Chile and New Zealand. At a time when the U.S. economy seems to be hitting a rough spot at best and perhaps moving into recession at worst, pursuing a free trade agreement with Taiwan would certainly give several sectors of the American economy something sunny on the horizon to look forward to.

Taiwan-U.S. Free Trade

When Peru-U.S. Free Trade was approved in the U.S. House of Representatives by a wide margin in early November, the outlook appeared grim for the remaining agreements in the wings--Columbia, Panama and Korea--to find approval soon, as the political climate quickly began to cool towards trade. The Nelson Report in November relayed the news that, "Democratic presidential candidate Hillary Clinton late yesterday let it be known that if and when KORUS, Colombia and Panama FTA's come up for a vote, hers will be 'no'. Whether she ever gets to that point depends, of course, on the House, and today, Majority Leader Steny Hoyer announced that there will be no votes on these three at all this year."

Without Taiwan even on the docket, the prospects for a Taiwan-U.S. Free Trade Agreement in the immediately future are admittedly unlikely. Yet Taiwan is still on Congress' trade radar, as was demonstrated earlier this month when Senator Max Baucus of Montana introduced S. Con. Res. 60, a concurrent resolution which, if passed, would nudge the office of the U.S. Trade Representative towards opening extensive trade negotiations with America's eighth-largest export market.

We've listed in the past many of the prime reasons why it is in both countries' interest that a Taiwan-U.S. free trade agreement (TUFTA) become reality sooner rather than later. The economies of Taiwan and the United States are heavily symbiotic, with little overlap in their respective key industries. Although free trade is seen by many as conributing to the percieved evils of globalization, classic talking points against free trade do not apply to the situation of trade between Taiwan and the United States.

S. Con. Res. 60 has been referred to the Senate Finance Committee, which is incedentally chaired by Senator Baucus. If you have a Senator on the committee, drop his/her office a line and voice your support for the resolution.

Some Helpful Articles:

Yesterday we saw two helpful and refreshingly fair articles on the internet.

The first is an editorial by the Houston Chronicle, entitled, "Their dilemma, and ours," in which the Chronicle underscorses the dark irony we have to live with when democratic Taiwan continues to get the international 'cold shoulder', while oppressive Beijing happily frolicks towards the 2008 Summer Olympics without the slightest reform to China's cruel and stifling political system. Some highlights:

Neither independent nor subjugated, commanding one of the world's largest economies but officially recognized by few nations, the island democracy of Taiwan endures a tenuous existence in a world that requires global access. If that weren't bad enough, it is menaced by a hostile neighbor that claims ownership.

and:

Taiwan's dilemma offers a similar set of difficulties for the United States. Taiwan's de facto U.S. ambassador, Joseph Wu, outlined for members of the Houston World Affairs Council the several bitter ironies of the situation. The United States must maintain workable relations with China and can't recognize Taiwan, even though:

• China menaces Taiwan with missiles and threats, while Taiwan poses a danger to no one.
• Taiwan is a major U.S. trading partner, importing many tons of agricultural products, including Texas beef, and exporting electronic equipment that meets high standards of quality and safety. China sends us tainted food and toxic toys.
• Taiwan has curbed its air and water pollution, but China's regime fears environmental activists more than environmental degradation.

Chinese leader Hu Jintao recently called for talks with Taipei officials to maintain peace in the region. China and Taiwan should "resume talks on an equal footing as soon as possible," Hu said before his recent summit with President Bush in Washington.

and:

As for the United States, the least it can do is grant Taiwan the same generous trading terms it recently gave South Korea, one of Taiwan's chief competitors. Washington should also champion Taiwan's desire to work with vital international institutions such as the United Nations' World Health Organization. To deny Taiwan access is to punish a peaceful, democratic ally while rewarding an oppressive competitor.

We couldn't have said it better ourselves. Pay particular attention to the call for increased trade (TUFTA?) and UN/WHO membership for Taiwan in the pentultimate sentence. These actions are the first solid step towards righting the wrongs collectively forced upon Taiwan over the many years that it has been a legitimate democracy.

The second article was by Simon Tisdall of the U.K. rag The Guardian. Entitled, "Taiwan squeezed as US and China negotiate," it highlights an unsettlying dynamic that was recently discussed during a panel discussion at the Heritage Foundation: the more the United States suffers from diplomatic tunnel vision dealing with the Middle East, the more it is forced to rely on major regional players like China to help maintain at least a semblance of order elsewhere in the world. In doing so however, the United States may end up bargaining away foreign affairs objectives it would never have conceded otherwise. One can easily see how this might apply to Taiwan:

According to Taiwan's president, Chen Shui-ban, China now has 988 missiles aimed at Taiwanese targets and is continually adding to its arsenal. Chen, who strongly opposes unification and the communists' "one China" mantra, recently described Beijing as a threat to regional peace and said it was preparing to take the island by force by 2015. Last month China said it had deployed a high-performance radar system designed to complement its surface-to-air missiles and jet fighter interceptors.

Robert Gates, the US defence secretary, questioned the build-up during a visit to Beijing last week. The two sides agreed to create a military hotline to help defuse crises. But Gates' overriding stated priority was securing China's backing for steps to curb Iran's nuclear activities. On Taiwan, he merely reiterated Washington's formulaic support for maintaining the status quo.

. . .Taiwanese officials say China has become adept at manipulating the Bush administration. "They are under pressure from China. China is very clever. If they want to do something on Taiwan, they call the White House and tell the Americans that Taiwan is rocking the boat. Then the US government puts pressure on us," a senior official said. "Of course we are afraid about the growing cooperation between the US and China. It's a problem for us. It is definitely squeezing Taiwan."

TUFTA Part II

A birds-eye view of the Industrial Technology Research Institute in

Hsinchu County, Taiwan [image courtesy of Taiwan Journal]

. . . many of our global competitors are actively seeking to "lock-up" East Asia's fast growing economies into economic relationships that exclude the United States and U.S. firms, it is worth reflecting on this trend.

Today, there are 176 free trade agreements in existence in the Asia Pacific region alone, and many more either under negotiation or consideration.

• China already has an FTA with ASEAN that covers goods, and a comprehensive services FTA between the two parties will enter in to force[sic] in July. In addition, the Chinese are actively negotiating or have proposed FTA discussions with, among others, Korea, Japan, India, Australia, New Zealand, the GCC, Pakistan, and the South African Customs Union.
  
• Japan has concluded FTAs with Singapore, Malaysia, and the Philippines, and is considering engagement with the major players within Asia.
  
• India has implemented FTAs with Thailand, Singapore, and Sri Lanka and, as the aforementioned facts indicate, is actively entertaining discussions with the region's larger economies.
  
• Demonstrating that the interest in establishing trade deals in Asia is not limited to the region itself, the EU is actively courting partners that include China, India and. . .Korea.
  
• We are witnessing efforts to construct an exclusive Asia Pacific regional free trade bloc – so-called ASEAN +3 or +6 arrangements.

A number of these FTAs unfortunately do not constitute high standard, comprehensive FTAs of the variety that we have negotiated. However, they do afford preferential trading positions to the companies of these countries, and do have the effect of placing U.S. businesses, workers, and farmers at a relative disadvantage in accessing fast-growing East Asian markets. One potential effect of this web of agreements is to encourage U.S. companies seeking to compete in these markets to relocate production to those countries.

- from the testimony of Ambassador Karan Bhatia, Deputy U.S. Trade Representative to the House Ways and Means Trade Subcommittee, 20 March 2007

Although the above excerpt is from testimony given by DUSTR Bhatia to the Trade Subcommittee regarding a free trade agreement with Korea (KORUS), Mr. Bhatia's words ring just as true when one considers the need for a Taiwan-U.S. free trade agreement (TUFTA) and, indeed, further trade agreements with many countries in the East Asia-Pacific region.

Without lowered tariffs and higher levels of economic cooperation with key countries in the region, American industry and economic interests will increasingly be edged out of the Pacific Rim marketplace. In order to remain competitive, the United States ought to act to increase its free trade portfolio in this region, and a good place to start would be agreements with strong regional players -- like Taiwan -- that pose relatively little direct competition to major American industries.

The beauty of a U.S.-Taiwan FTA is that each economy brings to the table strengths that the other lacks. Lowered prices on Taiwan-produced electrical components that are crucial to the electronics industry (and are probably in the computer that allows you to read this), will lower overall prices of electronics sold in the United States. Taiwan's investment and financial sectors will encounter added stability with the increased service quality brought about by improved competition from American financial service companies, and so on, and so forth. Even the Korea-U.S. Free Trade Agreement that Ambassador Bhatia so aptly endorsed in the Trade Subcommittee hearing is in some respects less attractive than TUFTA, in that any final form of KORUS will have to negotiate around headed competition between the large automotive industries that are so important to each country's economy.

Hence, we have here a few more reasons why Congress and the Administration should take more time to seriously look at and move towards the signing of a free trade agreement between Taiwan and the United States.

The Case for Taiwan-U.S. Free Trade

Free Trade has for some time been a driving force behind United States foreign relations and the role many Americans envision for their nation in the twenty-first century. Scholars, economists, innovators and businessmen and women envision a global marketplace where trade barriers have been drastically lowered or eliminated altogether; where products are more easily distributed worldwide and exchanged freely internationally as well as domestically.

Free trade, of course, is not an idea that has arrived without protest. There are concerns that unique cultures and the identities of underdeveloped nations will fall prey to the larger international market, as purveyors of locally produced goods are driven out of business by large corporations producing similar goods for less elsewhere. Yet when two modern and industrially developed nations engage each other in free trade, there cannot be much doubt that the relationship is beneficial for both.In this light, there is much to gain and little to lose when it comes to a Free Trade Agreement (FTA) between the United States and Taiwan.

Proponents of such a bilateral international deal on both sides of the Pacific have brought forth various proposals for a Taiwan-U.S. Free Trade Agreement, or TUFTA. Beginning in 2001 with the introduction of a bill by Senator Max Baucus of Montana (D) entitled, “United States-Taiwan Free Trade Agreement Act of 2001,” members of Congress from both sides of the aisle have increasingly sought to hammer out a finalized version of TUFTA for approval by the governments of the United States and Taiwan.

Most recently, on May 1, 2007, House Concurrent Resolution 137 was introduced by Congresswoman Shelley Berkley of Nevada (D) on behalf of herself and Congressmen Jim Ramstad (R-MN), Robert Wexler (D-FL), Steve Chabot (R-OH) and Dana Rohrabacher (R-CA). The bill would express “the sense of the Congress that the United States should increase trade opportunities with Taiwan by launching negotiations without delay to enter into a free trade agreement with Taiwan.” H. Con. Res. 137 currently has 27 cosponsors and is awaiting action by the House Subcommittee on Trade.

We believe that a Free Trade Agreement between Taiwan and the United States is an important next step in preserving and strengthening the economic and strategic alliance between Taiwan and the United States. Taiwan is a natural economic hub for the East Asia and Pacific region, and by negotiating lower trade barriers, the U.S. government will secure an arrangement in which American firms will be better able to access supply chains throughout the region (including in China) by participating in Taiwan’s marketplace. Taiwan too will benefit by increasing the level of bilateral trade with its fourth largest trading partner and introducing American influence and competition into its large yet underdeveloped domestic services sector.

Taiwan already heavily imports quality U.S. agricultural goods such as beef, fruits, and nuts, and these imports would expand under lower tariff rates. Taiwan’s consumers would benefit from lower overall prices while American farmers, ranchers and growers would benefit from an expanded market for their products. In short, the current proposal for TUFTA would enhance and catalyze an already symbiotic economic relationship.Every year that passes without the creation of a United States-Taiwan Free Trade Agreement represents a massive missed opportunity worth billions of U.S. dollars in terms of bilateral trade and the strengthening of commercial networks in the western Pacific Rim.

As the United States continues to expand its international Free Trade portfolio, we can only hope that TUFTA appears at or near the top of the list.