Taiwan to try and join second wave of CPTPP: MOFA

Country has about one year to prepare

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11 nations to sign CPTPP trade deal in Chile on March 8, as Taiwan seeks to take part in second-wave applications.

11 nations to sign CPTPP trade deal in Chile on March 8, as Taiwan seeks to take part in second-wave applications. (AP photo)

TAIPEI (Taiwan News) – Taiwan will try and join the second wave of entries into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Ministry of Foreign Affairs said Tuesday.

On February 21, Japan, Australia, New Zealand, Canada, Singapore, Malaysia, Brunei, Vietnam, Mexico, Chile and Peru reached an agreement to cut trade barriers, even without the participation of the United States, which pulled out of the plan last year. The signing is scheduled for March 8 in Chile.

As the CPTPP is expected to come into force next year, Taiwan will use the time to revise its domestic laws and push its international effort to be able to apply for the trade agreement as part of a second wave, MOFA said Tuesday.

All relevant government departments have already started work to make sure the country is ready to file an application when the second wave will be open, presumably after a year, said S.Y. Lee, the director-general of the Department of International Cooperation and Economic Affairs at MOFA, according to a report by the Liberty Times.

In addition to the domestic element of adapting laws and regulations, Taiwan also needed to stay in close touch with other countries and economies, but their reaction to the island’s eventual application was mostly positive, Lee said.

Japan supports Taiwan’s bid, and even though other countries had their slight differences, their stance was not too far from Japan’s, according to the diplomat.