Taiwan stands ready to implement stricter trade and investment standards to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and thus further contribute to Asia-Pacific prosperity, according to Minister without Portfolio John C.C. Deng.
Deng made the remarks at the Asia-Pacific Economic Cooperation Ministers Responsible for Trade Meeting chaired by U.S. Trade Rep. Katherine Tai and held May 25-26 in Detroit.
Deng said Taiwan has observed high standards in its trade regulations throughout bilateral negotiations with the U.S. and expects to hold discussions on similarly rigorous rules with other countries and territories. The country has also amended laws in line with the latest World Trade Organization negotiation results, including its Services Domestic Regulation, he added.
According to the Executive Yuan, Deng elaborated on Taiwan’s achievements in the area of this year’s theme topic of advancing sustainable and inclusive trade, as well as its commitment to supporting a multilateral trade system during the meeting.
Referencing the former, Deng cited regulations and policies such as the Climate Change Response Act, the country’s goal of net-zero emissions by 2050, the Indigenous Peoples Basic Law and the Gender Equality Policy Guidelines. Deng also elucidated assistance for small- and medium-sized enterprises to finance, market and improve their human resources, the EY said.
Referencing multilateral trade systems, the minister without portfolio called for WTO member economies to restore normal operations to its appellate body to meet the demands of businesses worldwide, it added.
Deng and Tai held a bilateral meeting and expressed delight at the conclusion of the first batch of agreements under the Taiwan-U.S. Initiative on 21st-Century Trade, the EY said, adding that the pacts will help manual laborers, women and small- and medium-sized enterprises to engage in international trade while facilitating economic cooperation and deepening bilateral partnerships.
Since joining APEC in 1991, Taiwan has made substantial contributions spanning areas such as disaster prevention, food security, information communication technology, small and medium enterprise development, and women’s economic empowerment. (YCH-E)
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