Executive Yuan Spokesperson Sun Lih-chyun stated today that a consensus on the Trans-Pacific Partnership (TPP) was reached earlier in the day at a ministerial meeting in the U.S. city of Atlanta, Georgia. He quoted Premier Mao Chi-kuo as saying that the ROC welcomed the conclusion of the U.S.-led negotiations and will continue to pursue membership in the regional trade bloc.
Sun pointed out that in order to meet the goal of joining the second round of TPP negotiations, the Executive Yuan has proactively carried out relevant preparations since 2014: It has convened nine task force meetings, completed an inventory on the discrepancies between international norms and the ROC's laws and regulations, and formulated means and complementary measures for dealing with each of the especially complicated bilateral issues.
The ROC will demonstrate to TPP members that it is ready and able to reach the pact's high standards to gain the members' approval, Sun affirmed.
The economic scale of the TPP would reach US$28 trillion once it takes effect, occupying approximately 36 percent of global production value, Sun noted. The member countries are all major trading partners of the ROC, with the United States, Japan, Canada, Australia and Mexico among the world's top 20 economies. In 2014, the ROC's exports to TPP member countries reached US$103 billion, approximately one-third of all ROC exports.
The ROC is an island economy that relies highly on export, and its entry to the TPP would be tantamount to signing an economic cooperation agreement with each of these important trade partners, the spokesperson pointed out. Not only would Taiwan avoid exclusion from Asia-Pacific regional economic integration, it could also ensure its businesses have the chance to compete fairly on the international stage. Therefore, joining the TPP will help the ROC expand its economic maneuvering room.
More than 10 major industry associations, including the Taiwan Association of Machinery Industry, have expressed their support for Taiwan's early participation in the TPP so as to further expand their overseas business opportunities, Sun pointed out.
Sun added that the Executive Yuan will oversee the Ministry of Economic Affairs and relevant ministries and agencies as they further examine the nation's economic and trade structure based on existing inventory results in order to be ready for negotiations with TPP member nations. The ROC will strive to gain the support of TPP members through various existing channels such as bilateral talks and Asia-Pacific Economic Cooperation. The nation hopes to gain entry to TPP as early as possible through the complementary strategies of adjusting its trade structure domestically and gaining support externally.