Vice Economics Minister Cho to Leave for U.S. to Attend TIFA in April

 Vice Minister of Economic Affairs S.C. Cho is to lead a delegation to the eighth meeting on Taiwan-U.S. Trade and Investment Framework Agreement (TIFA) held in Washington D.C. this month, to focus on lobbying the U.S. to support Taiwan to join the Taiwan–Pacific Strategic Economic Partnership Agreement (TPP).

TIFA is the most important channel for bilateral high-level economic and trade consultations between Taiwan and the United States. It also serves as a primary platform for bilateral trade dispute resolution, trade promotion, and investment cooperation. Through TIFA, Taiwan and the U.S. have accomplished aplenty through the dialog mechanism, such as swaying the U.S. to support Taiwan's efforts in accession to the WTO, signing the WTO Government Procurement Agreement, enhancing Taiwan's protection of intellectual property rights, and allowing related economic and trade systems of Taiwan to be in line with international standards.

Currently, the TPP is still deliberating and will accept new members next year (2015). In addition to Taiwan, countries that have recently expressed willingness to participate include South Korea, the Philippines, Thailand, and China.

Cho worries that the current radical, irrational protests by mainly students and some political groups against the Cross-Strait Agreement on Trade in Services will surely dampen Taiwan's efforts to participate in TPP and also other economic blocs including Regional Comprehensive Economic Partnership (RECP) and free trade agreement (FTA) with other trade partners.

Cho emphasizes that Taiwan's service industry is stronger than China's and urges the protesters to further study the contents of the pact and have more confidence in the competitiveness of local businesses. (JL)