The APEC summit last week ended with little progress: While the US showed little interest in multilateralism, China and ASEAN members had their separate concerns.
The sole highlight was Japan and Vietnam announcing that the Trans-Pacific Partnership (TPP) has been renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and that the 11 nations involved in the trade deal are expected to sign an agreement — without the US — as soon as a number of technical issues have been finalized.
The TPP originally had 12 members. The US had been a leading proponent of the deal until US President Donald Trump announced that Washington was quitting the partnership.
Trump’s decision to embrace protectionism cast a shadow over efforts to promote free trade across the Asia-Pacific. Many had expected the deal to fall apart without US leadership, but the remaining members have worked out a new structure to replace it without any help from the US.
Countries that were originally hesitant about staying — such as Vietnam, Malaysia, Peru and Chile — decided to keep working toward a deal. This is a positive sign, not only for the TPP itself, but also for efforts to promote free trade across the Asia-Pacific.
Although the CPTPP has only seven clauses, it has maintained the high standards of the TPP by keeping most of its regulations. Its 11 members have agreed to suspend clauses that more than 20 nations considered difficult to carry out, most of which are related to intellectual property protection and investment disputes.
According to Japanese officials, the CPTPP is to take effect when six of its 11 members complete their respective domestic approval processes. With the 11 working to promote the pact, it is expected to be completed soon.
The word “progressive” in the CPTPP’s name has at least two meanings. It could refer to the partnership’s adoption of more progressive ideas or its increased number of member states.
For Taiwan, both meanings are important. Taiwan has built its economy on international trade. However, it has not been part of any important regional trade agreements. This has put great strain on its economy.
The revival of the TPP in the form of the CPTPP is a once-in-a-lifetime opportunity for Taiwan to join a regional trade group. A key clause of the CPTPP on membership states that it is open to all economies that are part of APEC as well as individual tariff zones, meaning Taiwan is fully qualified to join. Furthermore, Japan appears to support the idea of Taiwan joining the accord.
Taiwan has plenty of work to do to prepare to join the CPTPP. Although the partnership has relaxed its rules by suspending several clauses, including those on drug patents and extended protection of intellectual property, Taiwan still has many things to resolve before it would be ready to sign the agreement.
These include regulations on trade in services, removing tariffs on 99 percent of products, sanitary and phytosanitary measures to protect humans, animals and plants from diseases, and state-owned enterprises.
Taiwan will also need to analyze the impact of introducing new regulations for the trade pact.
Whether Taiwan can join the group would depend on the decision of other member states, including China. The government must work on improving its economic ties with Japan, while ensuring that China would not oppose its participation. Most importantly, the government must translate its conviction into action to make it happen.
Yen Huai-shing is an associate research fellow at the Chung-Hua Institution for Economic Research Taiwan WTO & RTA Center.
Translated by Tu Yu-an
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