To enable the industry and society at large to learn more about regional economic integration and the Trans-Pacific Partnership (TPP), the Chinese National Federation of Industries organized a symposium on November 16 on the TPP’s impact on the electronics and information technology/heavy electrical/electrical wire and cable/home alliance industries. During the symposium, the Ministry of Economic Affairs gave an overview of the TPP and invited companies to share their views.
The TPP is a highly influential free trade agreement, and the first 12 participating states, mostly industrialized nations, completed the first round of negotiations on October 5. The agreement focuses on promoting economic growth, creating and sustaining employment, and enhancing innovation, productivity, and competitiveness, and includes 30 chapters ranging from tariff reduction to small- and medium-sized enterprises, supply chains, labor, and regional integration. Decisions on TPP membership are made by a consensus of the existing parties.
Taiwan’s electronics, information and communication technology, heavy electrical, electrical wire and cable, and home appliance industries are vital to the Asian-Pacific supply chain. Taiwan has expressed its intent to join the TPP since 2013, and along with the existing 12 TPP member states, Taiwan is also a member of the Asia-Pacific Economic Cooperation (APEC). Participation in the TPP will help Taiwan maintain its position in the global supply chain and prevent its industry chain from falling apart and its companies from migrating. In addition, such participation will also reduce tariffs on Taiwanese exports, which will enhance the competitiveness of Taiwanese companies and ensure that they can compete in the international market on an equal footing. This is important for Taiwan so that it is not marginalized on the economic and trade front. The ministry will continue to communicate with different sectors of society and seek maximum benefit for Taiwanese industries.