October 5, 2015
No. 207
The intensive and substantive negotiations on the Trans Pacific Partnership (TPP) were completed on October 5. As a result, the Asia-Pacific region is now poised to experience not only wider and deeper economic integration, but also heightened economic development. As a key economic player in the region as well as a member of the Asia-Pacific Economic Cooperation (APEC), to which 12 TPP participants also belong, the Republic of China sincerely congratulates the members on the conclusion of the negotiations. Taiwan also calls on the TPP to step up its efforts to help other economies join the platform in order to make the TPP as effective as possible.
The economic and trade liberalization goals of the TPP are both extensive and comprehensive. In addition to market liberalization and tariff reduction, the pact encompasses such emerging trade issues as labor and environmental protection, enabling nations in the region to advance economic integration, facilitate investment and trade activities, and consolidate supply chains. Newly formed trade regulations under the TPP are expected to set the benchmark for economic integration throughout the world.
With foreign trade being Taiwan’s lifeline, President Ma Ying-jeou has stressed on many occasions the need for the ROC to join the TPP at the earliest possible date. Under the TPP, members must accept a high degree of economic and trade liberalization. Taiwan has signed economic cooperation agreements with New Zealand and Singapore that meet such standards. These two signatory countries have lauded the successful implementation of their respective agreements, bearing testament to Taiwan’s ability to successfully participate in the TPP.
In the meantime, the government has been reviewing Taiwan’s current trade regime to identify areas where it still needs to make progress to meet TPP standards, instructing related agencies to formulate measures for future adjustments. The government will strive to raise the ability of domestic industries to compete on the international market and mitigate the impact of joining the TPP, while aligning Taiwan’s trade regulations with international standards.
The Ministry of Foreign Affairs and its overseas offices are working to foster a global environment beneficial to Taiwan’s entry into the TPP by updating TPP members on its dedication to and success at economic liberalization in hopes of securing their support for Taiwan’s participation in the second stage of negotiations. In 2014, the United States and Japan welcomed Taiwan’s interest in joining the TPP. The U.S. Department of State also indicated this past May that it would give serious consideration to Taiwan’s bid to become a TPP member.
The Ministry of Foreign Affairs will continue to closely collaborate with the Ministry of Economic Affairs and other related agencies on the preparations for joining the TPP. Its efforts will focus on both forming consensus at home and winning support abroad so as to secure Taiwan’s early participation in the TPP and expand its economic and trade opportunities abroad. (E)