CPTPP members include 11 countries, namely Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam, with a population size of nearly 500 million (accounting for 7% of the world); total GDP exceeding USD 11 trillion (13.1% of the world); and trade accounts for over 24% of our country's total trade value.
CPTPP's signature and entry into force: It was signed in Chile on 8 March 2018 and entered into force on 30 December of the same year. To date, Mexico, Malaysia, Peru, Japan, Singapore, New Zealand, Canada, Australia and Vietnam have completed the domestic procedures and started implementation. Chile and Brunei have not yet completed the domestic procedures.
Taiwan applies to join CPTPP
Taiwan officially submitted an applicationto join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in September 22, 2021. This not only represents an important process for Taiwan's external trade but also marks a major step forward in Taiwan's ambitions for participating in regional economic integration since joining the World Trade Organization.
Time and again President Tsai Ing-wen has underscored the importance of Taiwan's accession to the CPTPP, the premier continued. Government agencies have for many years been preparing for this bid, engaging in consultations and discussions with member countries through informal channels, and revising and amending regulations, systems and operating methods.
Its member economies are major trade partners to Taiwan and account for over 24 percent of Taiwan's total international trade. If Taiwan is to grow its economy and continue to expand its exports, it will be imperative to integrate with regional economies, bilaterally as well as multilaterally, Premier Su said.
Taiwan is an advanced economy that plays an irreplaceable role in the global high-tech industrial supply chain. It also has a highly transparent market economy, and has the ability and the willingness to respect the global marketplace's high standards.