Taiwan has applied to join a major trans-Pacific trade deal, officials confirmed Thursday, days after China said it also wanted to become a member of the agreement.
Signed by 11 Asia-Pacific countries in 2018, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the region's biggest free-trade pact and accounts for around 13.5 percent of the global economy.
"Most of (the CPTPP's) member countries are Taiwan's key trade partners, accounting for over 24 percent of Taiwan's international trade," cabinet spokesman Lo Ping-cheng told reporters.
"Taiwan can't be left out in the world and has to integrate into the regional economy."
Negotiations for the sweeping trade deal were initially led by the United States as a way to increase its influence in the Asia-Pacific region.
It was also designed to keep China, which has its own regional trade deal, locked out.
But former president Donald Trump, who disdained multilateral agreements, pulled out of the deal in 2017.
The CPTPP is the successor to those negotiations and includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore and Vietnam.
Taiwan had been lobbying to join the pact for years but on Thursday made a formal application.
The island's announcement came less than a week after China said it had also formally applied to join.
Those hoping to join, such as Britain, must have the unanimous support of all the pact's member countries.
China's application comes at a time when Beijing is feuding with a host of western nations.
On Thursday, Australia said China must end a freeze on contacts with senior Australian politicians if it hopes to sign up.
Taiwan's application will likely be opposed by Beijing, which views the self-ruled democratic island as its own territory and has vowed to one day seize it, by force if necessary.
China's authoritarian leaders baulk at any international relations with Taiwan.
They have ramped up economic, military and diplomatic pressure on the island since the 2016 election of President Tsai Ing-wen who views Taiwan as a sovereign nation.
All of the CPTPP members have official diplomatic relations with Beijing, not Taipei.
But China's growing threats towards Taiwan have generated international sympathy for the island among western powers.
Last month, Tsai said Taiwan would "expect political obstacles" in joining the CPTPP but she added that regional allies like Japan had welcomed its desire to join.
John Deng, Taipei's lead trade negotiator, told reporters on Thursday that he expected Chinese opposition to Taiwan's inclusion.
But he portrayed Taiwan as a more reliable free-trade partner.
"We have the foundation of democracy and the rule of law so all our regulations are transparent and we respect private properties," he said.
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.