Taiwan talks up trans-Pacific trade pact after exclusion from RCEP
16 November, 2020
Trade-dependent Taiwan features made "relatively" good improvement towards joining the revamped version of the Trans-Pacific Partnership, nonetheless it is awaiting clearer guidelines about membership, the island's chief trade negotiator said about Monday (Nov 16).
While a member of the World Trade Organization, various countries are wary of signing trade deals with Taiwan fearing objections from China, which claims the democratic island as its own territory, and Taiwan has sought greater access to multilateral deals.
Fifteen Asia-Pacific economies formed the world's greatest free trade bloc on Sunday, the China-backed Regional In depth Economic Partnership (RCEP), which will not include the United States or Taiwan.
Tech-powerhouse Taiwan offers instead been angling to join the 11-country In depth and Progressive Agreement for Trans-Pacific Partnership (CPTPP), signed in 2018, again without the US.
Taiwan minister without portfolio John Deng, who leads trade talks, told reporters they had expressed willingness to become listed on the CPTPP.
"Countries that contain made relatively great progress (in applying for membership) include Britain, Taiwan and Thailand, and Taiwan's hard work has got been welcomed by many," Deng said.
"They expect us in which to stay touch," he said, adding that Taiwan is looking forward to the CPTPP grouping to create "clearer rules" about membership application.
The initial 12-member agreement, referred to as the Trans-Pacific Partnership (TPP), was thrown into limbo in early 2017 when US President Donald Trump withdrew.
It had been renamed the Comprehensive and Progressive Contract for Trans-Pacific Partnership and links Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Taiwan has played down the impact of RCEP on its economy, saying that 70 % of its exports to RCEP member countries, mostly electronic products, already are tariff free.
Taiwan hopes to eventually sign a free of charge trade handle the US, its key arms seller & most important worldwide backer, and both will hold high-level economical talks towards the end of this week.
Source: www.channelnewsasia.com