Taiwan’s agriculture industry could receive a boost worth NT$50 billion (US$1.8 billion) if Taiwan joins the CPTPP. That’s the word from Agriculture Minister Chen Chi-chung on Monday.
The CPTPP is a free trade agreement joining a total of 11 countries, including Japan, Canada and Australia. Taiwan submitted a formal application to enter the free trade agreement last Wednesday, less than a week after China did the same.
Minister Chen says he expects Taiwan’s agricultural industry to grow by NT$50 billion in five years if Taiwan joins the CPTPP. Chen says this is just a preliminary estimate, and he expects that value will grow in the future.
Economic Affairs Minister Wang Mei-hua says some industries could suffer in the short term if Taiwan joins the free trade area. However, she says the long term costs of not joining the CPTPP are far greater.
The two ministers also addressed the topic of imports from Japan. Taiwan banned the import of food products from five Japanese prefectures from fear of radioactive contamination following the Fukushima Daiichi nuclear disaster in 2011.
Ministers Chen and Wang say Taiwan will have to face the question of whether to resume imports during negotiations to join the CPTPP. They say the government will consider potential health impacts, the available scientific evidence and international standards when resolving the issue.