Trade – Page 6 – Taiwan Insight

The Impact of the UK Joining the CPTPP: Its Strategy, Economic Merits and Domestic Constraints

1 July 2022

Written by Minako Morita-Jaeger. The UK government is currently in the process of the CPTPP accession negotiation with the expectation of joining the organisation by the end of 2022. The UK is expected to be the preferred candidate to become the first new member. UK’s accession would change the nature of the CPTPP from a current like-minded regional Free Trade Agreements (FTAs) that promotes a rules-based international trade system to a cross-regional mega-FTA. This would create dynamism in the CPTPP for further expansion within and beyond the Asia-Pacific.

CPTPP Membership for Taiwan: Rationales, Challenges, and Outlook

30 June 2022

Written by Roy Lee. Taiwan has been preparing for CPTPP accession for the last eight years. The economic importance of CPTPP for Taiwan is critical, as it is perhaps one of the limited options available for Taiwan to avoid being marginalised from the Asia Pacific regional integration process. This article starts with a review of key policy rationales for Taiwan’s CPTPP accession, then analyses major challenges and impediments, and offers thoughts on future prospects.

South Korea’s Application to CPTPP, What Caused the Delay?

29 June 2022

Written by Sohyun Zoe Lee. In 2010, the United States (US) extended an invitation to South Korea to join the Trans-Pacific Partnership (TPP) after the successful conclusion of the Korea-US free trade agreement (FTA). At the time, South Korea was rapidly growing as a hub of FTAs, negotiating multiple cross-regional FTAs, including those with big and advanced economies such as the US and the European Union. Surprisingly, however, it had refrained from joining the TPP. Meanwhile, South Korea joined another mega-regional FTA, the Regional Comprehensive Economic Partnership (RCEP), launched in 2012. With the emergence of RCEP, 2010 became recognised as the start of an era of the competitive rise of mega-regional FTAs. Moreover, South Korea reached an inter-ministry consensus in April 2022 under the Moon Jae-in administration. This is when it officially announced the government’s decision to apply for the Comprehensive and Progressive Agreement for TPP (CPTPP), the successor of TPP, after the withdrawal of the US. Against this backdrop, why is South Korea yet to join CPTPP?

Australia’s Perspective on the Applications from the UK, China, and Taiwan to Join the CPTPP

28 June 2022

Written by Richard Pomfret. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) evolution has been a combustible mixture. On the one hand, the CPTPP, as an international trade agreement that goes beyond WTO commitments, involved lengthy negotiations before consensus on the text could be reached and the CPTPP could be implemented. On the other hand, the CPTPP, as an instrument of domestic politics and of international relations, has been subject to dramatic coups de théâtre. The USA signed the Trans-Pacific Partnership after eight years of negotiations, but President Trump refused to ratify the agreement three days after taking office in January 2017. Both elements – careful negotiation of a legal text and grand political gesture – are visible in Australia’s approach to the CPTPP.

Cashing in Taiwan’s Chips: Trade Deals and Divergent Interests from Washington and Tokyo

27 June 2022

Written by Shihoko Goto. The momentum for Taiwan to be an integral part of the global economic community is reaching unprecedented levels. Taiwan’s ability to keep the pandemic at bay when the international community was first gripped by the rapid spread of covid in early 2020 certainly opened the world’s eyes to Taipei’s efficient, capable responses to emergencies. But the disruptions to global supply chains and the recognition of Taiwan dominating the international semiconductor manufacturing market have catapulted Taiwan’s economic standing. At the same time, growing concerns about ensuring the status quo in cross-Strait relations have only raised awareness of the fragile situation that Taiwan finds itself in. The question is whether Taiwan has suitably leveraged its advantages to ensure its economic prospects and safeguard its future.

From WTO to CPTPP: What Makes the Consideration of China and Taiwan’s Accessions Different?

24 June 2022

Written by Jacques deLise. In 2000-2001, China and Taiwan entered the World Trade Organization (WTO). Their admittance to the central institution of the international economic order was, in effect, a package deal that became possible with the assent of the United States, which had been a last principal obstacle to Beijing’s long-sought membership. Two decades later, China and Taiwan have applied to join the Comprehensive and Progressive Agreement for a Trans-Pacific Partnership (CPTPP). This arrangement emerged from the larger Trans-Pacific Partnership after the US opted out. The two bids face major challenges, including those born of changes in the international stature and posture of each of Taiwan, China, and the United States.

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