Taiwan’s CPTPP bid on right track, says official

14/09/2022    63

Taiwan is progressing well in its bid for membership in the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

In this regard, the country has made amendments to various rules and domestic laws such as establishing the maximum residue level for pork ractopamine and opening the importation of food from Fukushima, Japan.

Taiwan Office of Trade Negotiations Chief of Staff James Chen-Jung Hsiao said the moves were important as Taiwan seeks to align itself to meet CPTPP obligations.

He was speaking to journalists from the 11 CPTPP member countries – Mexico, Japan, Singapore, Australia, New Zealand, Canada, Vietnam, Peru, Malaysia, Brunei, and Chile – and the US, which recently attended an International Press Group Forum in Taiwan.

The forum was geared towards helping journalists gain a better understanding of Taiwan’s industrial development and its preparations for its membership bid in the CPTPP.

“After comprehensive examination, we have identified 11 laws for amendment to comply with the provisions of the CPTPP, including areas concerning the environment, intellectual property rights, pharmaceuticals and services.”

He said amendments have been made to laws, and Taiwan has corrected discrepancies between domestic laws and CPTPP obligations.

Hsiao added that the country is now fully aligned with the provisions and obligations of the CPTPP.

He said achieving this was critical for the country since global economy and trade has seen rapid changes in recent years, with the Covid-19 pandemic accelerating the restructuring of the international supply chain.

“Since Taiwan’s economic development depends greatly on trade, and bilateral and regional economic integration, joining the CPTPP would not just be to its benefit, but also that of the other 11 member countries.”

He added that in 2021, 24.6% of Taiwan’s trade in goods came from CPTPP members, amounting to US$203.4 billion (RM916 billion).

“Japan, Singapore, Malaysia, Vietnam and Australia are all among Taiwan’s top 10 trading partners. Of the figure, exports were US$95 billion (RM428 billion) or 21.3% of total exports, while imports were US$108.4 billion (RM488 billion), or 29.8% of total imports.

A second media forum hosted by Chinese National Federation of Industries chairman Matthew Miau saw the presence of major Taiwanese industry leaders, who gave their take on their respective industries.

Among them was Taiwan Electrical and Electronic Manufacturers Association chairman Richard Lee, who said unlike what most would assume, the pandemic dramatically boosted global demand in the digital economy.

Taiwan Association of Machinery Industry honorary chairman Alex Ko said Taiwan could leverage its smart machinery and manufacturing capabilities to help CPTPP partners establish smart manufacturing hubs.

Taiwan Garment Industry Association honorary chairman Ray Lin said: “Taiwan’s accession to the CPTPP will mean member states will be entitled to tariff cuts in sourcing textile materials from us.”

Source: The Sun Daily