TRADE DEALS/Taiwan joining CPTPP 'essential' for extra GDP growth: Official

Taipei, Oct. 2 (CNA) Trade Representative at the Executive Yuan's Office of Trade Negotiations and Minister without Portfolio Yang Jen-ni (楊珍妮) told an economic forum on Wednesday that Taiwan could lose out on an extra 1.6 percentage points of GDP growth if the country did not accede to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

"Joining the vital regional agreement is essential for Taiwan," Yang said, referring to the 11-member international trade organization whose current signatories are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

Yang said that the "overall economic scale" of the CPTPP represents US$15.4 trillion, accounting for around 15 percent of the global total.

"Taiwan's exclusion from the CPTPP would limit our ability to adapt and enhance our competitiveness," the trade negotiator said in English during her keynote speech titled "Taiwan's Path to the CPTPP."

In terms of Taiwan's capabilities in facilitating supply chain resilience, Yang also said that Taiwan was a "credible supplier" of microchips and other goods, boasts a "strong industrial ecosystem," is "a trustworthy partner" and could provide "complementary strength" to other CPTPP members.

Yang was making the case that the CPTPP should accept Taiwan's application to join the international trade agreement, which was submitted under the name "The Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu" on Sept. 22, 2021.

"Taiwan will lose the opportunity of having an extra 1.6 (percentage point) GDP growth in the long run," she said, citing statistics produced by the Chung-Hua Institution for Economic Research which organized the event.

Taiwan not joining the CPTPP would also be a "missed opportunity" for other member states who would lose out on "Taiwan's unique strengths," she added.

In addition to Yang's keynote speech, the seminar titled "Promoting Supply Chain Resilience -- the Thinking and Strategies for the CPTPP" held at the Taipei International Convention Center also featured two panel sessions and a concluding round table discussion.

Supported by the Executive Yuan's Office of Trade Negotiations and the Ministry of Foreign Affairs' (MOFA) International Trade Administration, the organizer invited foreign dignitaries to take part in public discussions on CPTPP-related issues.

According to the event's agenda, participants included Jeff Nankivell, President and CEO of the Asia Pacific Foundation of Canada; Juan Carlos Mathews, former minister of Foreign Trade and Tourism of Peru; Michael Reilly, former British representative to Taiwan; and Ildefonso Guajardo, Former Secretary of Economy of Mexico and leader of USMCA negotiations for Mexico.