Taiwan is making a strong bid for membership in the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

The country has made amendments to various rules and domestic laws such as establishing the maximum residue level for pork ractopamine and opening the importation of food from Japan. Eleven laws have been identified for amendment to comply with the provisions of the CPTPP, including areas concerning the environment, intellectual property rights, pharmaceuticals and services.

Taiwan has corrected discrepancies between domestic laws and CPTPP obligations.Taiwan’s economic development depends greatly on trade, and bilateral and regional economic integration. In 2021, 24 per cent of Taiwan’s trade in goods came from CPTPP members. Japan, Singapore, Malaysia, Vietnam and Australia are all among Taiwan’s top ten trading partners.

Taiwan expects to leverage its smart machinery and manufacturing capabilities to help CPTPP partners establish smart manufacturing hubs. And Taiwan’s accession to the CPTPP will mean member states will be entitled to tariff cuts in sourcing textile materials from Taiwan.

CPTPP member countries are Mexico, Japan, Singapore, Australia, New Zealand, Canada, Vietnam, Peru, Malaysia, Brunei, and Chile.

The global economy and trade have seen rapid changes in recent years, with the Covid pandemic accelerating the restructuring of the international supply chain.