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

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

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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

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