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Taiwan can't afford exclusion from economic integration: official

2014/05/09 11:30:51

Taipei, May 9 (CNA) Taiwan, as a key player in the global economy, should not ignore the worldwide trend of economic integration, Vice Economics Minister Cho Shih-chao said Friday.

Both the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP) are important to Taiwan and will play a crucial role in the country's economic development, Cho said in his opening remarks at an international forum on the service industry.

The output of Taiwan's service industry could fall by US$1.9 billion if the country fails to join the TPP, but could increase by US$8.58 billion if it becomes part of the economic bloc, he said.

Although services account for 70 percent of Taiwan's gross domestic product, they make up only 1 percent of the global market, Cho said. "There is plenty of room for Taiwan to develop," he added.

Taiwan should open up its services market more, which could help upgrade its industries, increase output and create jobs, Cho said.

(By James Lee; click here for the updated story)