Japan welcomes Taiwan bid to join trade pact, citing shared values

-

Economy24 minutes ago (Sep 24, 2021 12:00AM ET)

(C) Reuters. FILE PHOTO: Japanese Foreign Minister Toshimitsu Motegi meets with his Iranian counterpart Mohammad Javad Zarif (not pictured) in Tehran, Iran August 22, 2021. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS/Files

By Kantaro Komiya

TOKYO (Reuters) -Japan on Friday welcomed Taiwan’s application to join a trans-Pacific trade pact, citing shared democratic values with the island, which China claims as its own.

Japanese officials’ appreciation of Taiwan’s values with regard to democracy and rule of law contrasted with Japan’s cautious reaction to China’s bid to join the Comprehensive and Progressive (NYSE:PGR) Agreement for Trans-Pacific Partnership (CPTPP).

“We consider Taiwan a very important partner with which we share fundamental values such as freedom, democracy, basic human rights and rule of law,” Economy Minister Yasutoshi Nishimura told a news conference. Japan is chairing the pact this year.

Taiwan made the application on Wednesday, angering China, which views the island as one of its provinces with no right to the trappings of a state.

While Japan said Taiwan’s application would need to be scrutinised against the trade pact’s strict standards, the positive reaction stood in contrast to a cautious response to China’s application last week.

Japan’s Deputy Prime Minister Taro Aso expressed scepticism about China’s chances, citing strict rules related to state-owned enterprises.

Japan’s Chief Cabinet Secretary Katsunobu Kato sidestepped a reporter’s question on Friday about the different reactions to the applications, declining to go into specifics on Japan’s position on China but referring to values shared with Taiwan.

The chief government spokesman added that under the trade pact’s rules, membership was open to Taiwan, noting that it was already an independent member of the World Trade Organization and Asia-Pacific Economic Cooperation forum.

The original 12-member trade agreement, known as the Trans-Pacific Partnership (TPP), was seen as an important economic counterweight to China’s growing influence.

But the TPP was thrown into limbo in 2017 when then-U.S. President Donald Trump pulled the United States out of the pact.

Britain has also applied to join the 11-member CPTPP and Nishimura said the first meeting to discuss its bid would take place on Sept. 28.

Japan welcomes Taiwan bid to join trade pact, citing shared values

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Share this article

Subscribe here

Recent posts