Taiwan still has a long way to go before it can gain entry into the Trans-Pacific Partnership (TPP) trade deal, a senior US official said this week.
“There is a lot more that can and should be done,” US Assistant Secretary of State for East Asian Affairs Daniel Russel said. “My message to Taiwan regarding TPP is this: Keep up the good work.”
Russel was answering questions at the Foreign Press Center in Washington after US President Barack Obama’s summit with South Korean President Park Geun-hye.
Asked about US concerns over Taiwan’s plans to seek second-round entry into the TPP, Russel said the nation had already completed a “significant amount” of reform and made progress on the economy and difficult trade issues.
“On the very positive side, we are proud to host a growing span of investment from Taiwan, and we are pleased that Taiwan companies see so much value in operating in and investing in the United States,” Russel said.
He said that the trade relationship was growing and that barriers were coming down.
“These are all good things,” he said.
Russel said now that first-round TPP negotiations had been completed, details of the trade agreement were becoming fully known.
He said these details could be used as a template for countries like Taiwan “to make progress in their internal reforms by way of liberalizing, by way of making improvements, whether it’s with regard to environment or labor.”
“There’s a lot that major economies throughout the Asia Pacific region, including Taiwan, can do to move into the direction of what would be necessary ultimately to be accepted by all 12 TPP members as a new negotiating partner when the TPP countries ultimately ratify the agreement and then turn to the next step,” he added.
While he did not mention the timeline involved, Politico magazine on Thursday said that TPP might not be taken up by the US Congress until after next year’s presidential election in the US.
The magazine quoted senior congressional staffer Mike Sommers as saying that Congress was unlikely to move on the massive trade package until a lame-duck session more than a year from now.
“White House officials, and pro-free-trade groups and companies had hoped Congress would take up the measure by next summer, although that timetable now looks to be in jeopardy,” Politico said.
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