Under the agreement, between Taiwanese and Australian commercial authorities, electronic equipment testing standards will be given reciprocal recognition in each country.
The signing of the agreement follows a large amount of work between the Australian Communications Authority's Electromagnetic Compatibility division and its Taiwan's Bureau of Standards Metrology and Inspection (BSMI).
Acting ACA chairman Bob Horton said the agreement is expected to reduce export costs associated with duplicate equipment testing in each country.
According to McAllister local niche IT companies played a major role in pushing the agreement, standing to reap more from the agreement than Taiwanese importers.
"There won't be a huge saving coming this way but there will be a large benefit for Australian producers going the other way," said ACA spokesperson Ian McAllister.
McAllister said suppliers of specialised security equipment such as smart cards and encryption devices had been experiencing difficulty with Taiwan's regulators when trying to access the local market. Meanwhile, Taiwan's electronics manufacturing industry already import large amounts of non-locally tested equipment into Australia under existing trade arrangements.
"It smooths the tracks a bit in dealing with the Taiwanese bureaucracy," said McAllister.
The ACA estimates that trade agreement covers around $500 million worth of what it described as "high value" equipment.