Canada should help Taiwan join trade pact

Re Pacific trade signed by 11 nations, but United States isn’t one of them, March 9 By signing the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), Canada has sent a strong message supporting free trade. We sincerely hope Canada can do more.

Canada can be a leader in extending the agreement to its like-minded partners that not only heavily trade and invest in the Asia-Pacific region but also support an open, rule-based and liberal trade system. Taiwan is a key candidate among them.

Taiwan is the 18th-biggest trading power and the 25th-largest economy in the world. CPTPP’s current members account for 25 per cent of Taiwan’s foreign trade and 30.42 per cent of its accumulated foreign investment.

Taiwan’s trade with CPTPP countries amounted to $129 billion (U.S.) in 2016. In the Asia-Pacific region, Taiwan also plays a critical role in the supply chains of electronics, machinery, textiles, auto parts and other goods.

Taiwan is Canada’s fifth-largest trade partner in Asia, with bilateral trade exceeding $7 billion (Canadian) last year.

While small in size, Taiwan imports billions of agricultural products every year. It can become a much greater market for Canadian agrifood products once joining the CPTPP and the tariff is slashed.

Taiwan, like Canada, embraces the values of democracy and human rights.

Supporting Taiwan’s accession would be a felicitous combination of Canadian interests and values.

Catherine Y.M. Hsu, director general, Taipei Economic and Cultural Office, Toronto