Taiwan follows China to join the Pacific Rim trade agreement

Comprehensive and progressive agreement on renewal of Trans-Pacific Partnership

Taiwan applied for participation in a major Trans-Pacific trade agreement a week after China placed its own accession bid, allowing two adversaries to participate in the competition.

Taiwan’s formal request to join the Trans-Pacific Partnership Comprehensive and Progressive Agreement (CPTPP) will force other members of the agreement to act in a delicate political equilibrium.

“We submitted a formal application this afternoon,” a Taiwanese presidential palace official told the Financial Times Wednesday.

Taiwanese trade policy officials have confirmed that the application has been sent to New Zealand’s Ministry of Foreign Affairs and Trade, which processes the CPTPP membership application. A spokesperson for the ministry said the request would be shared with other signatories to the trade agreement before the decision “whether to initiate the accession process” was made.

Almost at the same time Request from China And Taiwan create more competition when tensions between the two are increasing. Beijing claims that Taiwan is part of its territory and threatens to invade Taiwan if it refuses to unify indefinitely.

The Chinese government frequently pressures third countries as well as international, non-governmental and commercial enterprises to isolate Taipei and refuse to participate in international affairs on its own.

Trade experts from Taiwan and Japan said that both China and Taiwan’s accession to the World Trade Organization was a precedent for both countries to join a trade agreement, but Beijing’s power and political claims are now much greater. It is more politically complex than stating that it has both CPTPP agreements.

China and Taiwan joined the WTO in 2001 and 2002, within a month of each other.

In recent years, China has frequently used its economic power to make disliked political decisions by suddenly banning imports from other countries, including Australia and South Korea, and suspending Chinese tourists. ..

Rival bids to join the CPTPP from Beijing and Taipei have swiftly disagreed with China’s accession among trade group members, or the decision to allow Taiwan first is more economic coercion from Beijing Raises concerns that it can cause.

The CPTPP was originally designed by the United States to limit Beijing’s growing influence in the region and was revived on a Japanese initiative after the United States dropped out. Under that rule, all existing members have veto power over new members.

Prior to the application from Taiwan, former New Zealand diplomat and trade negotiator Charles Finney predicted that Beijing’s sudden move to join the CPTPP would probably drive Taipei into action.

“Taiwan must be a member before or at the same time as China. I don’t think Taiwanese are at risk of China being in a position to reject any application from Taiwan,” he said. Finney, who negotiated a free trade agreement with both Beijing and Taipei, said.

Trade experts also pointed out earlier that Taiwan has shown that it meets the required standards through a free trade agreement between Singapore and New Zealand, founding members of the CPTPP.

Taiwan has long wanted to participate in the CPTPP and has completed most of the legal preparations needed to deregulate the country’s markets to meet the standards of the agreement. However, Taipei had not completed informal consultations with club members, so it was spending time on formal applications.

Japan, which will chair the rotation of the CPTPP this year, Encourage Taipei Conclude the preparatory negotiations and apply before the chair moves to Singapore in January.

A Japanese diplomat involved in the matter told FT this month that Tokyo was afraid that Taipei would lose the opportunity to join a regional trade group if China joined.

China’s official move to participate in the CPTPP last week surprised its members and Taiwan. Beijing has previously expressed interest in joining a trade club and has lobbied some members for help over the past two months, but has not discussed in detail.

In particular, the dominant role of state-owned enterprises in the Chinese economy is hurdle To join the country in the CPTPP.

New Zealand’s Ministry of Foreign Affairs and Trade did not immediately respond to requests for comment.

The Taiwanese government will announce the move later on Wednesday after notifying the other 11 CPTPP members of the application.

Additional report by Kana Inagaki in Tokyo

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Taiwan follows China to join the Pacific Rim trade agreement

Source link Taiwan follows China to join the Pacific Rim trade agreement

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