Stock Groups

Taiwan applies to join Pacific trade pact CPTPP


© Reuters. FILEPHOTO: The wind blows a Taiwanese flag in Taoyuan in Taiwan on June 30, 2021. REUTERS/Ann Wang

TAIPEI (Reuters) – Taiwan has formally applied to join the Comprehensive and Progressive (NYSE:) Agreement for Trans-Pacific Partnership (CPTPP), the official Central News Agency said on Wednesday, less than a week after China said it too had submitted an application.

The agency quoted Chen Chernchyi, Deputy Economy minister, as saying that Wang Meihua the Economy Minister will share details on Thursday.

They did not provide any further details, and the Economy Ministry had no comment.

Wang expressed concerns about China’s sudden decision to apply for membership last week and stated that she was hopeful it would not impact the application of her island.

Taiwan already has had informal discussions about the matter with its existing member.

Trans-Pacific Partnership (TPP) was the first 12-member agreement. It was seen as an important economic counterweight for China’s rising influence.

TPP became inextricably entangled when Donald Trump, then the U.S. president, pulled the United States from the accord.

CPTPP was created to link Canada, Australia. Brunei. Chile, Japan. Malaysia. New Zealand. Singapore. Vietnam.

Britain is also keen to join the trans-Pacific trade deal and in June began negotiations.

China insists Taiwan is part of one-China and not a country. This is why Taiwan has been excluded from numerous international organizations. China regards Taiwan as its territory.

Taiwan, however, is a member both of the Asia-Pacific Economic Cooperation group and the World Trade Organization.

Recent progress toward trade agreements between Taiwan and the United States (and the European Union) has encouraged Taiwan. Both countries are frustrated by China’s inability to open its economy, and want to support Taiwan’s democratic system and more free market policies.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.