Nation must be determined to join TPP: trade official
After five years of negotiations, 12 countries finally came to an agreement on the Trans-Pacific Partnership (TPP) Monday, a result the Taiwan government said that it will start its bid to join the partnership, which covers 36 percent of the global economy.
Yang Jen-ni ( ), directorgeneral of the Bureau of Foreign Trade, said on the same day that as soon as the official text of the TPP agreement is published, the relevant authorities of Taiwan will set up a team of experts to start preparations for talks with TPP members on its request to join the trade pact.
Taiwan will also
organize a delegation to visit the United States, the leading member of the TPP, to ask for opinions concerning key issues, Yang said in an interview with CNA on Taiwan’s TPP bid.
Under the TPP’s consensusdominant mechanism, if any nation wishes to join the partnership, it has to win the unanimous approval of all the 12 founding members. This means Taiwan must secure the consent of each of the existing TPP members in order to participate.
“Taiwan must be determined to join the TPP,” Yang stressed when asked whether Taiwan was ready for that.
She said there is no knowledge of how many legal regulations Taiwan will need to amend to meet the TPP’s requirement because the formal text of the TPP agreement has not been released.
However, being an exportdependent i sland- economy, Taiwan could face tariff discrimination and non-tariff trade and investment obstruction if it is cast aside from the TPP. Also, not being part of the TPP could harm Taiwan’s role as a key supplier of parts and components in the Asia-Pacific area, Yang warned.
According to Ministry of Economic Affairs data, once formed, the TPP will be a giant economic bloc with a combined gross domestic product (GDP) of US$28 trillion, accounting for 36 percent of global GDP.
In order for Taiwan to join, it has to first deal with thorny issues including opening doors to the import of U.S. pork containing ractopamine, a feed additive, and lifting tariffs and non-tariff measures that are being implemented to protect local agricultural products.
Taiwan Seeking Endorsement
Taiwan is resolved to win the endorsement of the member states of the Trans-Pacific Partnership (TPP) to join the second round of negotiations and gain access to the free trade pact, a Cabinet spokesman said Monday.