RCEP exclusion to have little effectBy Crystal Hsu / Staff reporterTaiwan’s exclusion from the Regional Comprehensive Economic Partnership (RCEP) would have little effect on local exporters, because most firms already have a presence in Southeast Asia to take advantage of the favorable tariff terms there, government officials said yesterday. Fifteen Asia-Pacific nations on Sunday signed the free-trade deal to form a trade bloc that accounts for nearly 30 percent of global GDP. Minister of Finance Su Jain-rong (蘇建榮) told a meeting of the legislature’s Finance Committee that tariffs are already exempted on about 70 percent of Taiwanese shipments to RCEP markets. Minister of Finance Su Jain-rong speaks at a meeting of the legislature’s Finance Committee in Taipei yesterday. RCEP members have negotiated trade terms for the past eight years during which time major Taiwanese companies have made inroads in ASEAN markets, giving them access to free trade, Su said.

Source: Taipei Times November 16, 2020 15:56 UTC