Chinese national federation of industries, Nonprofit organization

Taiwan's business association, the Chinese National Federation of Industries (CNFI) on Wednesday suggested the island nation join Trans-Pacific Partnership (CPTPP) amid fears of China blocking Taipei's entry.Taiwan filed its formal application to join the 11-member trading area last September, shortly after China did so. Commentators have voiced concern that if Beijing is allowed to join earlier, it will try and block Taiwan's entry, reported Taiwan News.As per CNFI, joining CPTPP will help free Taiwan businesses from the pressure of non-tariff barriers. Non-tariff barriers replaced tariffs as a major obstacle for Taiwan businesses exporting to areas like China and Southeast Asia.Joining a trade bloc like the CPTPP and signing free trade agreements (FTAs) with its members would contribute to the removal of those barriers, the group said, reported Taiwan News.According to the survey, more than 70 per cent of participating companies said they exported to Southeast Asia, Northeast Asia, and North America, CNA reported.If Taiwan failed to join regional trade blocs, its companies' products would lose their competitive edge, according to the CNFI survey.An importer in another country who saw they had to pay high tariffs for a product from Taiwan would think twice and prefer to order from a country that had lower tariff barriers, the CNFI said.While Southeast Asia posed the most serious problems in that respect, other countries over the past two years have been turning to less obvious non-tariff barriers to protect their companies, reported Taiwan News.Trade relief measures, customs procedures, and evaluations of product standards were the most common forms of non-tariff barriers impeding international trade.Inside the CPTPP, Taiwan sectors including steel, petrochemicals, textiles, and machinery would benefit from fewer obstacles to exports to Vietnam and Malaysia in particular, the CNFI said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Chinese National Federation Of IndustriesFOLLOW

Chinese national federation of industries, Latest News

Aurangabad :Taiwanese entrepreneurs positive about investment in Auric

MASSIA and Aurangabad Metal Finishers Association complete Taiwan tour, learn latest development in metal finishing sector Chhatrapati Sambhajinagar: The ... ...

Aurangabad :Efforts to attract investment from Taiwan to Auric

Joint meeting between Chinese National Federation of Industries, Massia and AMFA Aurangabad: Efforts are being made to attract more ... ...

Business :Three agreements signed between India, Taiwan firms in electronics, green tech

Three memoranda of understanding were inked between businesses in Taiwan and India for cooperation in electronics manufacturing and green ... ...

International :Amid fear of China blocking Taiwan's entry, business association wants Taipei to join CPTPP

Taiwan's business association, the Chinese National Federation of Industries (CNFI) on Wednesday suggested the island nation join Trans-Pacific Partnership (CPTPP) amid fears of China blocking Taipei's entry. ...