President Ma Ying-jeou said on Wednesday that Taiwan will not be absent from the Free Trade Area of the Asia-Pacific (FTAAP) agreement. The FTAAP agreement is seen as an important discussion item at the upcoming APEC summit in Beijing.
The president said 70% of Taiwan’s exports go to countries in the Trans-Pacific Partnership (TPP) and Regional Comprehensive Economic Partnership (RCEP). He also said it’s very important for Taiwan to participate in these two trade blocks. Ma added that if the FTAAP is launched during the APEC summit, Taiwan will not be absent from it.
“Of course this APEC free trade agreement is still in its early stages," said Ma. "But as former Vice President Vincent Siew is going to attend the APEC summit in Beijing soon, I believe we have the opportunity to participate in it. We won’t be absent from the FTAAP. As 70% of Taiwan’s GDP rely on exports, we cannot give up any opportunities to [participate in regional trade blocks.]”
The TPP is a US-led free trade agreement that has excluded China, and the ASEAN-led RCEP arrangement does not include the US. It is believed that the FTAAP will give Beijing greater access to its trading partners than the other two regional trade blocks as it will be more comprehensive.