Taiwan’s top trade negotiator, Yang Jen-ni, confirmed on Sunday that Taiwan will actively push for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during the 2024 Asia-Pacific Economic Cooperation (APEC) meeting in Lima, Peru. The announcement comes as Taiwan seeks to enhance its global economic position and engage more deeply with key international markets.
Taiwan’s Ambitious Trade Goals at APEC 2024
Yang, who is part of the Taiwanese delegation at APEC Peru 2024, emphasized that the meeting is a pivotal moment for Taiwan to present its case for joining the CPTPP. According to Yang, Taiwan is fully prepared to meet the high standards required by the trade bloc, which emphasizes inclusive growth, digital transformation, and a green economy. She noted that Taiwan’s robust industrial development, cutting-edge technologies, and talented workforce will be key assets as the nation works towards gaining CPTPP membership.
Table: Key Details of Taiwan’s CPTPP Application
| Key Event | Details |
|---|---|
| CPTPP Membership Status | Taiwan applied on Sept. 22, 2021 |
| CPTPP Member Countries | Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam |
| Taiwan’s Strategy | Focus on green economy, inclusive growth, and digital transformation |
| CPTPP Accession Criteria | Must meet high standards, comply with trade commitments, and achieve consensus of existing members |
| Taiwan’s Trade Relationships | Close ties with U.S. through the “U.S.-Taiwan Initiative on 21st-Century Trade” |
The CPTPP: A Trade Bloc with Growing Influence
The CPTPP, which emerged from the Trans-Pacific Partnership after the U.S. withdrew in 2017, is one of the world’s most influential trade groups. Representing a market of over 500 million people, the bloc accounts for 13.5% of global trade.
In addition to the 11 founding members—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam—the United Kingdom officially joined in 2023, expanding the bloc’s geopolitical and economic influence.
Taiwan’s Role in APEC 2024
At the APEC summit in Lima, Taiwan is keen to showcase its economic and technological strengths. A key member of the Taiwanese delegation, Acer Inc. Chairman Jason Chen, alongside leaders from Taiwan Mobile and Quanta Computer, will share their insights into the global economic landscape. Their participation underscores Taiwan’s ongoing efforts to position itself as a global economic partner in the Asia-Pacific region.
Political Challenges Ahead: The U.S. Factor
While Taiwan’s economic ties with the U.S. remain strong, Yang Jen-ni acknowledged the potential uncertainty in trade relations due to the upcoming U.S. presidential election. The victory of former President Donald Trump in the Nov. 5 election could shift the U.S.’s approach to global trade, possibly affecting Taiwan’s strategies moving forward.
Despite these concerns, Yang remains confident that Taiwan will continue to pursue close collaboration with the U.S., particularly through the U.S.-Taiwan Initiative on 21st-Century Trade, a landmark agreement signed in June 2023.
Taiwan’s Representation at the APEC Leaders’ Summit
In addition to official trade talks, Taiwan’s presence at APEC will be marked by the participation of Lin Hsin-i, Taiwan’s envoy to APEC, who is set to represent President Lai Ching-te at the APEC Leaders’ Summit on November 14, 2024. Lin will deliver a speech highlighting Taiwan’s role as a responsible, reliable member of the international community and its commitment to contributing to peace and stability in the Asia-Pacific.
Taiwan’s Economic Contribution to APEC
Taiwan has been a member of APEC since 1991 under the name Chinese Taipei. Over the years, the country has played a pivotal role in fostering economic cooperation across the region. However, China’s opposition has historically prevented Taiwan’s presidents from attending the leaders’ summit. This year’s summit, following the theme “Empower, Include, Grow”, offers Taiwan a significant platform to advance its economic interests and strengthen its ties within the Asia-Pacific region.
Frequently Asked Questions (FAQ)
1. What is the CPTPP, and why is Taiwan seeking membership?
The CPTPP is a major trade bloc that includes 11 countries across the Asia-Pacific region. Taiwan is seeking membership to improve its trade relations, adopt higher standards for sustainable growth, and bolster its digital economy.
2. Which countries are currently members of the CPTPP?
The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
3. When did Taiwan apply to join the CPTPP?
Taiwan officially applied to join the CPTPP on September 22, 2021, shortly after China submitted its own application.
4. What role does APEC play in Taiwan’s economic strategy?
APEC provides Taiwan with a platform to strengthen trade relationships, demonstrate its economic prowess, and engage with other Asia-Pacific economies, despite political challenges.
5. How does Taiwan’s relationship with the U.S. impact its CPTPP bid?
Taiwan’s close economic ties with the U.S., especially through agreements like the U.S.-Taiwan Initiative on 21st-Century Trade, play a crucial role in Taiwan’s broader trade ambitions, including its efforts to join the CPTPP.
Conclusion: Taiwan’s Ongoing Global Trade Ambitions
As Taiwan continues to push for CPTPP membership, it faces both opportunities and challenges. With strong industrial capabilities, a commitment to sustainability, and growing international partnerships, Taiwan is well-positioned to make a compelling case at the APEC summit. The coming months will be crucial for Taiwan as it navigates the complexities of global trade, political dynamics, and its bid for greater inclusion in the CPTPP.
