The economics ministry has called for Taiwan to work to ensure it is included in the second round of talks on the Trans-Pacific Partnership (TPP).
The ministry released a statement Thursday, just one day after the US Senate approved legislation that some say will determine the TPP’s success. The new legislation, called the Trade Promotion Authority will give the US President more flexibility in negotiating trade agreements and prevent the US Congress from amending the content of trade deals.
The new legislation has passed both houses of the US Congress. The bill will become law once President Barack Obama signs it. The economics ministry says that passing the Trade Promotion Authority will strengthen confidence in the US among other TPP member countries.
The ministry’s statement Thursday made the case for the importance of TPP membership for Taiwan. The statement said that Taiwan is an export-dependent country dominated by small and medium sized exporters. 78% of Taiwan’s population works in small or medium sized export-based companies.
However, despite account for 97% of Taiwan’s exporters these small-scale companies only account for 14.48% of actual exports. The economics ministry statement said that the countries that have already signed up to join the TPP are all major trade partners for Taiwan.
The statement said that working to join the TPP will therefore be helpful to Taiwan’s small exporters.