Most Taiwan trade with RCEP already free from tariffs: MOEA

Government will help traditional sector companies in need: Economics Minister

  949
Thailand Prime Minister Prayuth Chan-ocha delivers a speech during the opening ceremony of the 35th ASEAN meeting.

Thailand Prime Minister Prayuth Chan-ocha delivers a speech during the opening ceremony of the 35th ASEAN meeting. (AP photo)

TAIPEI (Taiwan News) – As 15 nations announced that talks about a Regional Comprehensive Economic Partnership (RCEP) had been completed, Economics Minister Shen Jong-chin (沈榮津) said Tuesday (November 5) that 70 percent of Taiwan’s trade with the group’s member countries was already subject to zero tariffs.

The RCEP is a proposed Free Trade Agreement between the 10 members of the Association of Southeast Asian Nations (ASEAN) and Japan, South Korea, Australia, New Zealand and China.

Responding to questions about the impact of the deal on Taiwan, Shen said the country had an advantage where high-tech products were concerned, while in the traditional sectors, the government would assist companies in achieving higher value-added production, the Central News Agency reported.

India decided to stay outside the RCEP amid domestic opposition against an expected surge in imports, mostly from China, likely to worsen the existing trade deficit with several East Asian and Southeast Asian countries.