Japan welcomes Taiwan’s move to join TPP

Japan’s Chief Cabinet Secretary Yoshihide Suga said at a press conference in Tokyo on Monday that he welcomes Taiwan’s move to join the Trans-Pacific Partnership (TPP), after Taiwan Premier Lin Chuan told Japanese press that the country wished to join the TPP.

Commentators at the Peterson Institute for International Economics, however, point to the need for Taiwan to introduce significant policy reforms to meet TPP requirements for liberalisation of goods, services and  investment. Further, existing bi-lateral agreements, including those with China and New Zealand, would need to be reviewed to meet TPP standards.

The 11 countries that have signed the TPP agreed in May to proceed with the trade deal after the new US administration withdrew from the agreement signed by former US President Obama. TPP countries will hold a summit in Japan in July.

Japan and New Zealand have ratified the TPP. The other nine nations are Australia, Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam.