Taiwan would strive to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as it would be challenging for the nation to join the Regional Comprehensive Economic Partnership (RCEP) given China’s dominance in the latter, the Ministry of Foreign Affairs said yesterday.
The RCEP was signed by 15 Asia-Pacific nations on the last day of the virtual ASEAN summit yesterday, becoming the world’s largest free-trade agreement.
The 15 nations are the 10 ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — and Australia, China, Japan, New Zealand and South Korea.
Photo: Lu Yi-hsuen, Taipei Times
Taiwan would find it substantially difficult to join the RCEP, as it is led by China, the ministry said, adding that, as such, Taiwan’s main goal regarding regional economic integration is to push for participation in the CPTPP.
Taiwan would strive to initiate informal consultations, in preparation for joining the CPTPP, the ministry said, adding that it would continue to seek economic and trade cooperation opportunities with New Southbound Policy partner nations, the US, Japan and other like-minded nations.
Taiwan would make good use of the “US-Taiwan Framework to Strengthen Infrastructure Finance and Market Building Cooperation,” the ministry said, adding that the government would also support adding value to products and industrial transformation.
Separately yesterday, the Chinese Nationalist Party (KMT) accused the Democratic Progressive Party (DPP) government of not proactively trying to join the RCEP over the past four years, and declaring failure without even trying.
The trade volume between Taiwan and RCEP members accounts for about 59 percent of the nation’s total trade volume, and Taiwan’s investment in those nations accounts for 65 percent of its total foreign investment, so if Taipei cannot join the trade pact, the nation would suffer, the KMT said.
The DPP, trying only to please the US in the hopes of furthering economic and trade cooperation with Washington, neglected the development of the RCEP and the CPTPP, the KMT said, adding that the DPP’s failure in this regard could result in Taiwan being marginalized economically.
The party urged President Tsai Ing-wen (蔡英文) to call a high-level, cross-ministerial meeting to discuss how the RCEP would affect Taiwan and draw up solutions, saying that a report should be presented to the Legislative Yuan so that the public is not kept in the dark.
Tropical Storm Gaemi strengthened into a typhoon at 2pm yesterday, and could make landfall in Yilan County tomorrow, the Central Weather Administration (CWA) said yesterday. The agency was scheduled to issue a sea warning at 11:30pm yesterday, and could issue a land warning later today. Gaemi was moving north-northwest at 4kph, carrying maximum sustained winds near its center of up to 118.8kph and gusts of 154.8kph. The circumference is forecast to reach eastern Taiwan tomorrow morning, with the center making landfall in Yilan County later that night before departing from the north coast, CWA weather forecaster Kuan Shin-ping (官欣平) said yesterday. Uncertainty remains and
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DISRUPTIONS: The high-speed rail is to operate as normal, while several airlines either canceled flights or announced early departures or late arrivals Schools and offices in 15 cities and counties are to be closed today due to Typhoon Gaemi, local governments announced last night. The 15 are: Taipei, New Taipei City, Taoyuan, Tainan, Keelung, Hsinchu and Kaohsiung, as well as Yilan, Hualien, Hsinchu, Miaoli, Chiayi, Pingtung, Penghu and Lienchiang counties. People should brace for torrential rainfall brought by the storm, with its center forecast to make landfall on the east coast between tonight and tomorrow morning, the Central Weather Administration (CWA) said. The agency issued a sea warning for the typhoon at 11:30pm on Monday, followed by a land warning at 11:30am yesterday. As of
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