The Obama administration supported the US’s participation in Trans-Pacific Partnership (TPP) – a multilateral trade agreement between the US and 11 other nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. When President Donald Trump won the presidency in 2016, he fulfilled his campaign promise and withdrew from the TPP.
Following the US withdrawal – the remaining nations named the trade deal the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) linking Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
This past week, Taiwan announced they will submit an application to join the CPTPP. New member applications are required to hold informal talks with existing member and reach a consensus before they can apply.
One potential roadblock for Taiwan’s entry into the CPTPP could be China’s joint application to join the CPTPP.
If you have any questions about the TPP, CPTPP or any other trade agreement – contact David Hsu by phone/text at 832-896-6288 or by email at email@example.com.