Cabinet boosts efforts to prepare for TPP bid

2015/10/29

An interministerial task force established to drive Taiwan’s bid to join the Trans-Pacific Partnership is stepping up its efforts to review economic policies, with a view to achieving the nation’s goal of participating in the second round of TPP negotiations, according to the Cabinet Oct. 27.

Led by Vice Premier Chang San-cheng, the new action plan marks a continuation of government efforts over the last two years to facilitate trade liberalization and regional economic integration. Chang said he expects significant headway to be made in this regard by year-end.

“In order for Taiwan to join the second round of TPP negotiations, the Cabinet has thus far convened nine interministerial meetings to review local laws and regulations for discrepancies with global standards,” he said, adding that complementary measures are already in place to address relevant bilateral issues.

“We will continue seeking support from all TPP members while enhancing communication with the public, with the aim of furthering Taiwan’s role in cross-border collaboration through enhanced synergy between the government and private sector.”

Chang’s remarks follow the announcement of an agreement by trade ministers from the 12 TPP negotiating partners earlier this month in the U.S. city of Atlanta. The pact is expected to take effect in 2017.

Members of the trade bloc have a combined gross domestic product of US$28 trillion, or roughly 36 percent of the global total. Taiwan’s exports to TPP members—comprising many of the world’s largest economies, including Australia, Canada, Japan, Mexico and the U.S.—reached US$103 billion in 2014, or roughly one-third of the country’s total outgoing shipments.

The other TPP participants are Brunei, Chile, Peru, Malaysia, New Zealand, Singapore and Vietnam. South Korea has also expressed interest in joining the pact.

Issues that have been highlighted as part of Taiwan’s bid to participate in the bloc include easing regulations for drug and U.S. pork imports, as well as reducing tariffs for clothing, dairy products, rice and heavy electrical equipment, according to the Cabinet. The task force is also reviewing the nation’s foreign direct investment laws.

Chang said he has instructed the National Development Council to coordinate cross-sector efforts to prepare Taiwan for TPP negotiations, and noted that the country is ready to engage in bilateral talks on relevant issues with all participating members.

“We are confident that Taiwan can make significant contributions to the trade bloc due to the nation’s economic strength and strategic role in the Asia-Pacific. The government will spare no effort in deepening cooperation and promoting prosperity across the region.”

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=238287&ctNode=2194&mp=9)