Taipei, Oct. 6 (CNA) Taiwan welcomed the conclusion of U.S.-led Trans-Pacific Partnership (TPP) negotiations and repeated its desire to join the regional trade bloc.
Taiwan's Ministry of Foreign Affairs issued a statement late Monday to welcome the trade pact and called on the participating countries to help new members join the trade bloc as soon as possible to expand its coverage and create more benefits.
The TPP cuts trade tariffs and sets common trade standards for participating countries and also covers labor and environmental standards, the ministry said.
The agreement will also spur further economic integration and facilitate trade in the Asia-Pacific region, and the regulations set for the TPP are expected to set the standard for future regional trade deals, the ministry said.
To push Taiwan's TPP bid, the government has made efforts to align domestic trade regulations with international standards and to speed up the process of preparing domestic industries for the possible impact on their businesses of Taiwan joining the trade bloc, it said.
"The Foreign Ministry will continue to work jointly with the Ministry of Economic Affairs to make preparations and seek domestic consensus on the issue, as well as seek foreign countries' support, in order to achieve the goal of joining the TPP as soon as possible," it said.
The U.S. and Japan have welcomed Taiwan's interest in joining the TPP.
The TPP deal, which was concluded Monday after about five years of negotiations, covers about 40 percent of the world economy.
In addition to the U.S., the 12 participating countries are Japan, Australia, Peru, Malaysia, Vietnam, New Zealand, Chile, Singapore, Canada, Mexico and Brunei.
(By Elaine Hou)ENDITEM/ls