January 24, 2018
No.007
The Ministry of Foreign Affairs of the Republic of China (Taiwan) applauds the completion of negotiations on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during senior officials’ meetings in Tokyo January 22 and 23, which will impart new momentum to economic integration throughout the Asia-Pacific region.
Taiwan’s ministries and government agencies are currently promoting a raft of policies designed to facilitate the country’s industrial restructuring and adjustment. Keen to make the most of these achievements, MOFA is striving to let regional partners hear about Taiwan’s efforts and ambitions to participate in regional economic integration, which it believes will encourage CPTPP member states to support Taiwan’s participation when the group becomes ready to accept new members.
Based on the Trans-Pacific Partnership, the CPTPP maintains the high standards of the original pact while also suspending a limited number of provisions in response to concerns raised by individual member states. In 2016, the combined GDP of CPTPP member states stood at US$10.2 trillion, accounting for 13.6 percent of global GDP, while trade with these states made up 25.25 percent of Taiwan’s foreign trade. This makes the CPTPP, which is due to be signed in Chile in early March, crucial to Taiwan’s participation in regional economic integration.
On November 13, 2017, President Tsai Ing-wen told Taiwan’s delegation to the 25th APEC Economic Leaders’ Meeting that we would be seeing new progress toward establishment of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership after that summit, and the government would continue to do everything in its power to adjust the domestic industrial structure, and show regional partners that Taiwan is determined to participate in regional economic integration.
After attending a briefing on the global economic situation and the current state of economic integration on December 4, 2017, Premier Lai Ching-te similarly emphasized that Taiwan’s participation in the CPTPP was an important pillar of government policy, and said that the relevant ministries should work to complete the appropriate impact assessments, structural adjustments, and internal communications, as well as secure external support for Taiwan with regards to such matters. MOFA continues to work alongside other government agencies in preparing for Taiwan’s future participation in the CPTPP. (E)