The economics minister plans to meet with representatives from seven major industries that could be hit by the establishment of the Regional Comprehensive Economic Partnership (RCEP) on Sunday.
The RCEP is now the world's largest free trade agreement, consisting of China, Japan, South Korea, Australia, New Zealand, and the ten members of the Association of Southeast Asian Nations.
There is concern that Taiwan's exclusion from the RCEP will affect its competitiveness. Economics Minister Wang Mei-hua says that the agreement won't have too much of an impact on Taiwanese businesses. However, she plans to meet this Sunday with representatives from Taiwan’s steel, hand tools, machinery, textile, petrochemical, automobile and motorcycle, and flat panel display industries.
Wang said these industries could be affected by tariffs. The government will also hold further meetings with representatives from other industries that could suffer with the partnership's establishment.
Wang says that the RCEP did not allow new members to join during the process of negotiations. Every member also has to agree for a new member to enter. She said that if China does not require that Taiwan recognize the one China principle, Taiwan will be happy to join.
She said that Taiwan is now approaching members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership for support. The partnership is another trade agreement between Austrlia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.