Taiwan officially applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on September 22, 2021. CPTPP is a high standard trade agreement, not only covering numerous products, also spanning service industry, intellectual property, environmental protection, labor and other issues. The 11 signatory countries include Australia, New Zealand, Japan, Canada, Singapore, Malaysia, Vietnam, Brunei, Mexico, Chile and Peru; their combined GDP accounts for 13% of world GDP and most are important trading partners of Taiwan, accounting for 24% of our total trade and 15.7% of bilateral investment; they are important regional economic and trade partners of Taiwan. Joining CPTPP will benefit Taiwan's global trade strategy and overseas Taiwanese companies, enhance global supply chains and accelerate our international alignment.
Taiwan is an advanced economy that plays an indispensable role in the global high-tech industry supply chain. It also has a highly transparent economic market and is willing and able to adhere high international trade standards. In the last two or three years, the global political and economic situation has undergone great changes. Taiwan's effective COVID-19 prevention, steady economic transformation and the key position of its semi-conductors in the global supply chain have shown everyone its importance. Taiwan's democracy, economic performance and determination to adhere to international regulations receive the affirmation of many other countries with similar values. Consequently, the government should take advantage of this unprecedented good opportunity, implement the law amendment for system adjustment and accompanying measures to assist industry transform, and make every effort to join CPTPP. This will allow Taiwan to continue to go out into the international market and increase our competitiveness.
Speeding up the promotion of Taiwan's entry into CPTPP requires a joint effort between various circles domestically and overseas. The overseas community and chambers of commerce have exerted influence in mainstream society through joint declarations, letters to the media, holding press conferences, discussion meetings and forums, exchange with politicians and other activities, attracting international attention to the issue of Taiwan's CPTPP entry and displaying the effectiveness of grassroots diplomacy. These efforts are praiseworthy.
The cooperation of the overseas community and Taiwan's overseas missions is worth special mention; in October last year, the Australian House of Representatives held a video hearing on the subject of expansion of CPTPP members; OCAC council members Paul Lin and Michael Yeh were invited and spoke in favor of Taiwan's entry into CPTPP. The World Taiwanese Chambers of Commerce (WTCC) also established the CPTPP Work Group at the end of December last year, inviting overseas compatriot and Taiwanese entrepreneurs in the six continents and 11 country members to call for support for Taiwan's CPTPP entry and expand Taiwan's global trade links. This was the product of a joint effort by the government and a civic organization.
Minister Tung requests all overseas compatriots and overseas compatriot affairs honorary staff speak out for Taiwan in international media and at events and call on all circles to support Taiwan's entry into CPTPP. He hopes everyone makes maximum effort toward this objective, to expand export opportunities, attract foreign investment, and increase Taiwan's overall competitiveness; it will also allow Taiwan to merge more closely with international society, make a contribution to the regional economy and achieve a multi-win situation.