Burnish candidacy for TPP, says AmCham
The American Chamber of Commerce in Taipei (AmCham Taipei) said Tuesday that it heartily welcomes the news that after some five years of negotiations, the 12 countries of the U. S.- led Trans- Pacific Partnership (TPP) have come to a final agreement on the substance of the trade pact.
Although the full details of the agreement have not yet been made public — and while some political obstacles remain before the deal is ratified by the national legislatures of the countries involved — the 12-party agreement represents a major landmark with a high level ofboth economic and diplomatic importance, AmCham Taipei said in astatement.
The TPP holds the promise of reinvigorating the international trade environment, and enhancing stability and prosperity in the AsiaPacific, according to the chamber.
“For Taiwan, TPP is of crucial significance. It is now vital that this country do everything possible to burnish its candidacy for inclusion in the second round when the TPP is ready to expand its membership in another
year or more,” AmCham Taipei said.
Liberating Taiwan’s Trading
“A trading economy such as Taiwan’s cannot afford to be left out of such a critical initiative. Liberalizing Taiwan’s trading and regulatory regimes to meet the high standards set by TPP is certain to meet objections from particular domestic interests, but we are confident that the overall good of the society will prevail,” it added.
However, as Taiwan prepares for its TPP accession bid, a complicating factor will be the upcoming presidential and legislative elections, and the transition next year — regardless of which political party is victorious — to a new government administration and new Legislature, the chamber said.
AmCham Taipei urges all major political parties to collaborate in paving the way for Taiwan’s membership in the TPP because when the final text of the agreement is released in the coming weeks, work will need to begin in earnest in analyzing the conditions Taiwan will need to fulfill in order to become a TPP signatory.
At that point, no time should be lost in starting to bring Taiwan’s practices and regulations in line with the TPP framework, AmCham Taipei noted.
Clear Need to Avoid Being
The chamber said that Taiwan must match the determination to join the TPP of South Korea and other regional trade rivals or face the threat of being excluded from this high-potential trade platform for years to come.
“The TPP gives President Ma an opportunity in the final months of his presidency to speak out forthrightly about Taiwan’s future,” said AmCham Taipei.
“We suggest that he take action now to commit the Taiwan government to pursue TPP accession at the first opportunity and to educate the people of Taiwan about the urgency and importance of Taiwan’s participation in this new era of trans-Pacific trade,” the chamber concluded.
Founded in 1951, AmCham Taipei is a non-profit business organization dedicated to promoting the interests of international business in Taiwan. It has more than 1,000 members representing over 500 companies and 26 committees advocating various industry interests.