Taiwan has formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Premier Su Tseng-chang said on Thursday that the move is a major step towards regional economic integration.
The CPTPP is a free-trade area joining eleven countries bordering the Pacific Ocean. They include Japan, Australia, Canada, Singapore, and New Zealand, among others. The UK and China have also applied to join the partnership.
The news of Taiwan’s intent to join the partnership on Wednesday comes less than a week after China submitted its application to join the CPTPP.
Taiwan’s top trade negotiator, John Deng, says the timing of Taiwan’s bid to join the partnership is unrelated to the recent application by China. However, Deng says that if China joins the partnership before Taiwan, Taiwan’s bid to join could come under threat.
Deng says Taiwan decided to formally apply to join the CPTPP following repeated calls from Taiwanese business associations. Japan is also the partnership’s chair this year. Deng says this fact further encouraged Taiwan’s government to make an application.