TAIPEI (Taiwan News) – About 20 types of Taiwan’s agricultural products may have to brace for a blow if the country adheres to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Taiwan has applied to join the trade bloc, which accounts for around 13% of global GDP. While the prospect of its CPTPP membership remains uncertain, agricultural products and auto component industries could feel the pain if Taiwan is allowed to enter, according to an assessment by the National Development Council.
A report from the Council of Agriculture (COA) indicated that 20 agricultural products are considered vulnerable once tariff cuts are introduced. They include rice, peanuts, kidney beans, garlic, pineapples, mangoes, bananas, chicken and others, which are currently protected by tariff rate quotas and safeguard measures, according to CNA.
With tariffs on around 96.2% of products liberalized among members, Taiwan will strive to retain tariffs for certain sensitive products such as rice, or negotiate longer phase-out periods for products that experience it. impact, the COA said.
Some agricultural products, however, are expected to benefit from Taiwan’s admission to the trade bloc, with exports set to increase for flowers, some fruits and aquatic products, teas and poultry eggs, the COA said.
Taiwan exported goods with a combined value of NT $ 43.55 billion (US $ 1.57 billion) to the 11 CPTPP members in 2020, or 32.1 percent of the total. Imports from these countries reached a value of NT $ 113.7 billion (US $ 4.1 billion) last year, accounting for 26.7% of the total, ranging from frozen beef, powdered milk , apples to wine.