Home Economy News Japan, citing ‘shared values’, welcomes Taiwan trade pact application

Japan, citing ‘shared values’, welcomes Taiwan trade pact application

Economy59 minutes ago (Sep 23, 2021 09:55PM 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

TOKYO (Reuters) – Japanese Foreign Minister Toshimitsu Motegi said he welcomed Taiwan’s application to join a trans-Pacific trade pact this week, citing shared democratic values with the island, which China claims as its own.

Taiwan applied on Wednesday to join the Comprehensive and Progressive (NYSE:PGR) Agreement for Trans-Pacific Partnership (CPTPP), which Japan is chairing this year, less than a week after China.

“We consider Taiwan a very important partner with which we share fundamental values such as freedom, democracy, basic human rights, and rule of law,” Motegi told reporters this week during his visit to United Nations in New York.

While Motegi added that Taiwan’s application would need to be scrutinised against the trade pact’s strict standards, his comment stood in contrast to Japanese officials’ more cautious reaction to China’s application.

Asked about China’s chances of joining the trade pact, Finance Minister and deputy Prime Minister Taro Aso expressed scepticism last week, citing strict rules pertaining to state-owned enterprises.

The original 12-member agreement, known as the Trans-Pacific Partnership (TPP), was seen as an important economic counterweight to China’s growing influence. China opposes Taiwan entering into any official treaty or organisation as a sovereign nation.

Japan, citing ‘shared values’, welcomes Taiwan trade pact application

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.

Related News