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Taiwan to add NT$50 billion in agricultural exports if CPTPP bid successful

Seven measures would be put in place to cushion agricultural sector from potential fallout

In this Sept. 20, 2021, file photo, customers buy fruit at a stall in Taipei, Taiwan.

In this Sept. 20, 2021, file photo, customers buy fruit at a stall in Taipei, Taiwan. (AP photo)

TAIPEI (Taiwan News) — Taiwan can expect to add NT$50 billion (US$1.8 billion) worth of agricultural exports if allowed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to an estimate by the Council of Agriculture (COA).

The figure was presented Monday (Sept. 27) in a briefing on the potential fallout of Taiwan’s accession to the 11-nation trade bloc. The National Development Council has predicted Taiwan’s agriculture and auto component sectors could bear the brunt of the deal.

Stressing the need for the country to enter the free trade group, COA Minister Chen Chi-chung (陳吉仲) said he believes Taiwan’s tuna, edamame pods, and eel exports to Japan would enjoy a 6% to 20% cut in tariffs if it becomes a member. Taiwan will see a boost of NT$50 billion in agricultural exports, reaching NT$200 billion in total, in five years, the Liberty Times cited Chen as saying.

However, at least 20 agricultural products are set to suffer if the Taiwanese market opens up, the authorities have determined, including rice, garlic, peanuts, mangoes, chicken, longan, and persimmons.

In addition to implementing tariff quotas and other protective measures, the COA has designed seven approaches to shielding the country’s agricultural industry. They span overseas market expansion, market segregation, cold chain and supply chain optimization, farming restructuring, transformation to value-added agriculture, improved inspection, and the roll-out of agricultural insurance schemes, wrote CNA.

Updated : 2021-10-21 12:08 GMT+08:00