Taiwan is understood to be considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – the new name for the TPP between the remaining 11 nations minus the US – and is preparing for bilateral and multilateral negotiations.

The move was announced by Taiwan’s recently appointed Premier, William Lai, on the sidelines of the APEC leaders’ summit in Vietnam last week, according to the Taipei Times.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

It came as the 11 Asia-Pacific nations said they would continue with plans for the regional free-trade initiative following the withdrawal of the US from the Trans-Pacific Partnership (TPP) in January, renaming it the CPTPP.

TPP 11 nations move trade pact forward with new name

Deputy Minister for Economic Affairs, Kung Ming-hsin, said that while the complete framework of the CPTPP has yet to be outlined, it appears to be “more tolerant than the TPP,” with a mechanism likely to be in place to receive new members.

The trade deal has been renamed CPTPP to reflect a focus on inclusive growth, ministers said in a statement following two days of meetings in Danang, Vietnam. It is expected that after each country has cleared the necessary domestic procedures, the agreement will take effect by 2019.

See Also:

While based on the TPP framework, around 20 provisions have been suspended if Washington stays out of the pact, 11 of which are related to intellectual property. And a revision of the original TPP text means the CPTPP can come into force 60 days after at least six signatories complete domestic procedures.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The suspensions would make it easier for Taiwan to reconcile its legal framework with that of the CPTPP, Kung has said.