The Ministry of Economic Affairs said that now is the best time for Taiwan to apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), after the nation on Wednesday submitted its application to New Zealand, the legal depositary for the 11-member trade bloc.
In a written report to the Legislative Yuan, the ministry said that it is scheduled to brief lawmakers on the impacts of joining the CPTPP on Taiwan’s industries at a meeting of the legislature’s Economics Committee today.
The ministry is also expected to brief lawmakers about the government’s contingency plans for local industries in preparation for a potential accession to the CPTPP, the Central News Agency (CNA) reported yesterday.
Photo: CNA
The ministry’s report states that joining the CPTPP should have several strategic benefits for Taiwan, such as enhancing the nation’s foreign economic and trade links, bolstering the nation’s economic security, enhancing export competitiveness, encouraging foreign investment and facilitating amendments to domestic laws and regulations, CNA reported.
The CPTPP is a high-standard trade deal, and in the process of adjusting Taiwan’s domestic laws and regulations, it could stimulate innovation and research enterprises while further aligning Taiwan’s legal system with international standards, the ministry said.
Taiwan’s application to join the Japan-led trade bloc came after China also applied for membership on Sept. 16, prompting speculation that Taipei was worried that it would be more difficult for Taiwan’s eventual accession if China gained entry first.
The ministry said in the report that Taiwan’s importance in global supply chains is increasing, and being a member of the CPTPP could further consolidate Taiwan’s position in supply chains in the Asia-Pacific region.
Additionally, the 11 CPTPP members have close trade relations with Taiwan, as they together accounted for about 24.3 percent of Taiwan’s trade last year, the ministry said.
Their products accounted for 29 percent of Taiwan’s imports, with 21 percent of exports heading to those countries, while Singapore, Malaysia and Vietnam are among the nation’s top 10 trading partners, the ministry said.
Overall, the ministry said that joining the CPTPP would pose short-term challenges for some domestic-oriented industries such as agriculture, but exclusion from the trade block would have a greater impact on Taiwan’s economy in the long run.
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