HIGH SPIRITS: The Bureau of Foreign Trade said Taiwan could make its membership bid in about two months, possibly hurting local industries, but bolstering global competitiveness

Taipei Times
Date: Mar 12, 2018
By: Staff writer, with CNA

Government officials are hopeful that Taiwan can join the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), but cautioned that businesses catering to the home market could be hurt.

Bureau of Foreign Trade Director-General Yang Jen-ni (楊珍妮) on Friday said that Taiwan would have to lower its import duties if it joined the CPTPP, which would increase price competition for businesses that sell mainly to domestic customers.

Taiwan’s import duties currently average 4.1 percent for manufactured goods and 12.84 percent for agricultural produce.

The Ministry of Economic Affairs projects that reducing tariffs and opening the domestic market to meet the terms of the CPTPP would affect the automotive and heavy industries, as well as household electrical appliance manufacturers, which have mostly national markets, Yang said.    [FULL  STORY]