Taiwan asks Australia to support its bid for inclusion in TPP

TAIPEI – The Premier of Taiwan, Mao Chi-kuo, has publicly appealed to Australia to support Taiwan’s bid for inclusion in the Trans Pacific Partnership (TPP). “Taiwan is a key link in the Asia-Pacific supply chain, and its accession to the TPP would open up other markets and enable Australia to integrate more closely with the region,” Mao said.

“Taiwan’s growing demand for educational and professional services could also benefit the Australian economy.
“And given the complementary nature of this trade relationship, Taiwan’s inclusion in the TPP would deepen bilateral co-operation in medicine, material science and the service industry, helping both nations compete globally.”
Mao said that over the past decade, Taiwan has tripled its trade volume with Asia-Pacific countries, and that its trade volume with the 12 TPP members has reached US$200 billion a year.
“As the world’s 27th-largest economy, Taiwan contributes considerably to industry, technology and investments around the globe, establishing long-term alliances with international brands and building co-operative ties with TPP member States,” he said.
“Further, TPP countries are important destinations for Taiwan’s foreign direct investment, while Taiwan’s import market, worth nearly US$300 billion a year, is a lucrative target for TPP exporters.”
If Taiwan was excluded from the trade bloc, it would spell a major loss for the entire Asia-Pacific supply chain, Mao said, adding that to meet the TPP’s high trade standards, Taiwan is addressing discrepancies between domestic trade regulations and international norms.  (ATI).