The Republic of China (Taiwan) welcomed the Nov. 11 announcement by 11 Asia-Pacific economies that plans for a regional free trade agreement will move forward following the withdrawal of the U.S. from the Trans-Pacific Partnership in January this year, according to the Ministry of Economic Affairs.
 
During a press conference held the same day on the sidelines of the Asia-Pacific Economic Cooperation Economic Leaders’ Meeting in Danang, Vietnam, economic and trade ministers from Japan and the host country said the other former parties to the TPP had reached a consensus on most of the terms of a multilateral trade accord.
 
The countries, which also comprise Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru and Singapore, have also agreed to name the trade pact the Comprehensive and Progressive Agreement for TPP.
 
During his remarks at the APEC Ministerial Meeting Nov. 8, MOEA Minister Shen Jong-chin expressed the government’s wish to participate in regional economic integration through bilateral agreements and multilateral frameworks.
 
The country remains committed to working with its major partners to expand foreign trade and maximize trade liberalization for mutual benefits, he added.
 
Toward this goal, the government has implemented a raft of adjustments to the country’s trade and economic policies. These include amendments under legislative review to laws and regulations governing copyrights, patents, trademarks and pharmaceutical affairs, according to the ministry.
 
On the global front, no effort is being spared in canvassing support for Taiwan’s participation through the activities of such major international organizations as APEC and the World Trade Organization, the MOEA added.
 
The 11 CPTPP member states accounted for 25.25 percent of Taiwan’s foreign trade in 2016 and 13.6 percent of global gross domestic product, or US$10 trillion in dollar terms, according to the MOEA. The ministry said it will work to implement related measures in response to the latest developments. (SFC-E)