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
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe suspensions would make it easier for Taiwan to reconcile its legal framework with that of the CPTPP, Kung has said.
