TAIPEI (Taiwan News) — During its annual general meeting on Saturday (Oct. 5), the Taipei Investors’ Association in Malaysia (TIAM) called on the Malaysian government to support Taiwan’s acceptance into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which could greatly benefit bilateral relations between the two countries.
Of the 11 countries in the CPTPP, the governments of four, including Malaysia, have yet to complete the approval process. Nevertheless, the head of the Taipei Economic and Cultural Office in Malaysia, Anne Hung (洪慧珠), said that Taiwan hopes the Malaysian government will voice its support for Taiwan to join the second-round of CPTPP negotiations, according to a report by CNA.
Taiwan is the 18th-largest trading nation of the World Trade Organization (WTO) and the seventh-largest foreign investor in the Asia-Pacific region. Moreover, when compared with the 11 member states of the CPTPP, Taiwan has the fifth-largest economy.
The island has also contributed significantly to Malaysia’s economic development, CNA quoted TIAM president Lin Yung-chang (林永昌) as saying.
In addition, Lin noted that Taiwan is Malaysia's sixth-largest trading partner while Malaysia is Taiwan's seventh-largest. More than 1,750 Taiwanese companies have investments in Malaysia, which has need of Taiwanese raw materials, equipment, and key components.
Lin believes that once Taiwan joins the CPTPP, it will reduce tariffs on Taiwanese imports and encourage Taiwanese businesses to expand investment in Malaysia. This, he says, will generate more job opportunities for Malaysians while boosting their economy.