Trade-dependent Taiwan has expressed an intention to apply for a membership at the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), saying it is awaiting clearer rules on membership. Taiwan’s chief trade negotiator said the island country had made “relatively” good progress in joining the CPTPP.
The CPTPP consists of 11 countries: Canada, Chile, Mexico, Peru, Brunei, Japan, Singapore, Malaysia, Vietnam, Australia, and New Zealand. Initially, the US was part of the Trans-Pacific Partnership deal, but President Donald Trump pulled out of the agreement in early 2017.
Previously, fifteen Asia-Pacific nations set up the Regional Comprehensive Economic Partnership (RCEP), which excludes Taiwan. However, Taiwan played down the impact of RCEP, saying that about 70% of the country’s exports to 11 RCEP signatories are already free of import duties.
Taiwan is a member of the World Trade Organization and has looked for greater access to international trade pacts. However, fear of objections from China has made many countries reluctant to sign trade deals with Taiwan. At the end of this week, Taiwan will hold high-level economic discussions with the US, its most important international ally.
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Published on November 17, 2020 11:09 AM (GMT+8)Last Updated on November 17, 2020 11:09 AM (GMT+8)
