Taiwan plans to join US economic pact

  • By Lee Hsin-fang and Jonathan Chin / Journalist, with an editor

The administration of President Tsai Ing-wen (蔡英文) is seeking to join an Indo-Pacific economic framework planned by the United States, a senior official has said.

The government is paying close attention to the regional economic pact touted by U.S. President Joe Biden, though too few details have emerged from Washington for Taipei to make any specific plans, the official said, speaking on condition of anonymity.

The United States is expected to launch the Indo-Pacific Economic Framework next month after negotiations with Australia, India and Japan, the official said.

Photo: Tyrone Siu, Reuters

The economic initiative involves tackling trade facilitation, digital economy and technology standards, supply chain resilience and clean energy, among other issues affecting the region , they quoted White House officials.

Washington has been deeply concerned about semiconductor supply chain issues, while Taiwan is a major chipmaker and has an interest in strengthening ties between the two countries, the official said.

A push to enter the framework should not negatively affect Taiwan’s ability to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as the organizations would not overlap and their goals would not conflict, they said. declared.

A week after China submitted its application to join the CPTPP, Taiwan officially applied on September 22 to join the trading bloc as the “Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu” through of its representative in New Zealand, who acts as depositary of the trade pact and is responsible for transmitting requests to all Member States.

US plans for a comprehensive economic framework for the Indo-Pacific are just one part of a broader regional strategy being considered in Washington, which Taiwan must watch closely, the official said.

Speaking at an event marking the 70th anniversary of the American Chamber of Commerce in Taiwan last December, Tsai said Taiwan’s technological innovation and agile economy show the country should play a role in the Indo-Pacific economy.

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