![file_icon](images/file_icon.png)
Published Date: 2017-01-25
Officials also said they would step up efforts to enhance closer trade ties with the U.S. through the Trade and Investment Framework Agreement (TIFA), as well as push for a bilateral free trade agreement with Washington.
Newly inaugurated U.S. President Donald Trump formally pulled the U.S. out of the TPP — a 12-nation deal that had been negotiated under former President Barack Obama — with the signing of an executive action on Monday.
A refusal by the U.S. to join the TPP could mean an end to the proposed regional free trade agreement between the U.S., Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Taiwan's government, during both the previous Kuomintang (KMT) and the current Democratic Progressive Party (DPP) administrations, had been pushing for inclusion in the mooted pact.
Asked to comment, Presidential Office spokesman Alex Huang said the government was closely monitoring possible changes in U.S. trade policy
“We are also watching on how it will affect global trade liberalization, multilateral trade negotiations, and regional economic cooperation, and will take appropriate responsive actions accordingly,” he said.
In the meantime, Huang said the government would focus on reforming Taiwan's economic structure.
The administration is also supporting the development of the “five plus two” sectors, which consists of five innovative industries — smart machinery, the internet of things, biotechnology, national defense and green energy technology.
“We will continue to push for closer economic ties with neighboring countries and regional trade partners and to more actively engage in regional economic cooperation,” he added.
Trade Liberalization Goal Won't Change
Meanwhile, Ministry of Foreign Affairs (MOFA) spokeswoman Eleanor Wang said external trade had always been an important part of the nation's economic development and the government had always been focused on Taiwan's trade liberalization as well as seeking opportunities to join regional economic blocs.
“The goal will not change no matter what the future of the TPP will be,” she said.
In terms of the nation's trade relations with the U.S, Wang said Taipei and Washington had enjoyed close economic ties as the U.S. is Taiwan's second-largest trading partner while Taiwan is the U.S.' ninth-largest trading partner.
“We will continue to enhance bilateral trade ties based on the Trade and Investment Framework Agreement (TIFA) framework and puruse the opportunity to sign free trade agreement,” she added.
Cabinet spokesman Hsu Kuo-yung (徐國勇) also said government had not given up on joining regional economic blocs such as the TPP, despite the U.S.' decision to withdraw from the TPP.