TAIPEI (Taiwan News) – Failure to join the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) will shave 1.6% off the country’s economic growth figure, top trade official Yang Jen-ni (楊珍妮) said Wednesday (Oct. 2).
Taiwan has applied for membership in the trade bloc, with its application expected to be dealt with in the near future. However, China filed its application shortly before Taiwan did, and if allowed to join first, is expected to try and block Taipei’s bid.
Speaking at an international forum organized by the Chung-Hua Institution for Economic Research (CIER), Yang also pointed out that leaving Taiwan out would not benefit the 12-member CPTPP, per CNA. Member nations would be unable to share the advantages of Taiwan’s semiconductor and information technology supply chains, she said.
If Taiwan joined, it would be the CPTPP’s sixth-largest member economy, behind Japan, the United Kingdom, Canada, Mexico, and Australia. However, if Taipei remained outside, the competitiveness of its manufacturing sector would be restricted, seeing its gross domestic product (GDP) grow 1.6% less than might be the case if it were a CPTPP member, according to Yang.
The country’s respect for international trade rules and its willingness to adjust laws and regulations during the application process shows that it would be a valuable and reliable partner for CPTPP members, she said. Yang concluded that Taiwan was ready to contribute to stronger supply chains, a green economy, inclusive growth, and digital transformation for the trade group.