Taiwan welcomes the release of the final text of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and is committed to joining the multilateral pact at the earliest possible date, according to the Ministry of Economic Affairs Feb. 21.
To prepare for accession, Premier Lai Ching-te has directed ministries and agencies to research and implement improvements to Taiwan’s economic and trade policies and industrial structure, the MOEA said. These include wide-ranging regulatory adjustments to achieve greater alignment with international practices and standards across such areas as digital communication, patents, postal services and pharmaceuticals.
According to the MOEA, the measures are also in line with the government’s commitment outlined by President Tsai Ing-wen to maximize mutually beneficial trade liberalization with key economic partners through concluding bilateral and multilateral accords.
The government is communicating with CPTPP members on the regulatory adjustments so as to foster awareness of the benefits of including Taiwan in the second round of accession talks. In addition, no effort is being spared in canvassing support for Taiwan’s participation through multilateral platforms such as the Asia-Pacific Economic Cooperation and the World Trade Organization, the MOEA said.
To assist the public in better understanding the significance of the trade pact to Taiwan, the government will also organize promotional campaigns and public meetings nationwide, the ministry added.
Set to be finalized March 8, the CPTPP is a free trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. MOEA data show members account for about 25 percent of Taiwan’s foreign trade and 30.42 percent of the country’s accumulated foreign investment. (SFC-E)
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