The RCEP is mainly composed of ASEAN member countries with the main goal of reducing tariffs and eliminating trade barriers. The Washington-led regional economic initiative was formally established in Tokyo in May last year, an indication that the US wants to deepen its integration with the Indo-Pacific region by collaborating with its democratic partners. The Cabinet’s Office of Trade Negotiations views the initial trade agreement between Taiwan and the US as the first fruit of the most wide-ranging and comprehensive trade negotiations conducted by Taipei and Washington since 1979. It would also provide Taiwan with more opportunities to take part in regional trade blocs, including the CPTPP, the office said. The government could also use the initiative as a stepping stone toward signing bilateral trade agreements with other countries, and therefore avoid marginalization.
