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TAIPEI: Trade-dependent Taiwan has made “relatively” good progress in joining the revamped version of the Trans-Pacific Partnership, but is waiting for clearer rules on membership, the island’s top trade negotiator said on Monday (Nov 16). .
While a member of the World Trade Organization, many countries are wary of signing trade agreements with Taiwan for fear of objections from China, which claims the democratic island as its own territory, and Taiwan has sought greater access to multilateral agreements.
Fifteen Asia-Pacific economies formed the world’s largest free trade bloc, the China-backed Regional Comprehensive Economic Association (RCEP), which does not include the United States or Taiwan, on Sunday.
Instead, the tech powerhouse Taiwan has been looking to join the 11-country Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), signed in 2018, again without the US.
Taiwan’s minister without portfolio, John Deng, who is leading the trade talks, told reporters that they had expressed their willingness to join the CPTPP.
“Countries that have made relatively good progress (in applying for membership) include Great Britain, Taiwan and Thailand, and many have welcomed Taiwan’s hard work,” Deng said.
“They expect us to stay in touch,” he said, adding that Taiwan is waiting for the CPTPP group to establish “clearer rules” on applying for membership.
READ: Asia-Pacific nations sign the world’s largest trade pact, RCEP
READ: What is the RCEP trade agreement?
The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was left in limbo in early 2017 when US President Donald Trump withdrew.
It was renamed the Comprehensive and Progressive Trans-Pacific Partnership Agreement and links Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Taiwan has downplayed the impact of the RCEP on its economy, saying that 70 percent of its exports to RCEP member countries, mostly electronic products, are already duty-free.
Taiwan hopes to finally sign a free trade agreement with the United States, its top arms dealer and largest international sponsor, and the two will hold high-level economic talks later this week.
