Time is ripe for CPTPP bid: ministryBy Chen Cheng-hui / Staff reporterThe Ministry of Economic Affairs said that now is the best time for Taiwan to apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), after the nation on Wednesday submitted its application to New Zealand, the legal depositary for the 11-member trade bloc. In a written report to the Legislative Yuan, the ministry said that it is scheduled to brief lawmakers on the impacts of joining the CPTPP on Taiwan’s industries at a meeting of the legislature’s Economics Committee today. The ministry is also expected to brief lawmakers about the government’s contingency plans for local industries in preparation for a potential accession to the CPTPP, the Central News Agency (CNA) reported yesterday. The ministry said in the report that Taiwan’s importance in global supply chains is increasing, and being a member of the CPTPP could further consolidate Taiwan’s position in supply chains in the Asia-Pacific region. Additionally, the 11 CPTPP members have close trade relations with Taiwan, as they together accounted for about 24.3 percent of Taiwan’s trade last year, the ministry said.

Source: Taipei Times September 26, 2021 15:56 UTC