Home » U.S. and Taiwan begin formal negotiations on the U.S.-Taiwan 21st Century Trade Initiative

U.S. and Taiwan begin formal negotiations on the U.S.-Taiwan 21st Century Trade Initiative

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U.S. and Taiwan begin formal negotiations on the U.S.-Taiwan 21st Century Trade Initiative

The Office of the United States Trade Representative announced on Wednesday (August 17) that the United States and Taiwan have begun formal negotiations on the “U.S.-Taiwan 21st Century Trade Initiative.” The first round of negotiations is expected to take place in the early fall of this year.

Under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office (TECRO) in the United States, the United States and Taiwan announced on Wednesday the “U.S.-Taiwan 21st Century Trade Initiative” announced on June 1 this year, according to a statement from the Office of the U.S. Trade Representative. A consensus was reached on the negotiating mandate.

The Taiwan Executive Yuan’s Economic and Trade Negotiation Office also issued a statement on Thursday (August 18), Taipei time, announcing the official launch of negotiations on the initiative.

“Today, we begin negotiations with Taiwan under the auspices of AIT and TECRO, which will deepen our trade and investment relationship and advance a relationship based on shared values,” Deputy U.S. Trade Representative Sarah Bianchi said in a statement. common trade priorities and drive innovative and inclusive economic growth for our employees and businesses.”

The U.S. Trade Representative’s office said the two sides had a “strong agenda” that included “trade facilitation, good regulatory practices, strong anti-corruption standards, enhanced trade among small and medium-sized enterprises, deepening agricultural trade, and eliminating discrimination. Sexual trade barriers, digital trade, strong labor and environmental standards, and how to address state-owned enterprise distortions and non-market policies and practices.”

The administration will continue to consult with Congress and stakeholders such as labor, business, environmental groups and others throughout the negotiation process, USTR said.

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The statement from the Office of Economic and Trade Negotiations of the Taiwan Executive Yuan said: “Although this negotiation does not involve tariffs, the items covered have four important goals: 1. Strengthen the country’s overall economic strength, including promoting trade in agricultural products between Taiwan and the United States, and assisting small and medium-sized enterprises in expanding the U.S. market. , Strengthen our digital economic power, and help our country to attach importance to environmental protection and labor rights in the international image. 2. Strengthen the investment and trade between Taiwan and the United States, increase the confidence of international investment in Taiwan, and allow Taiwan to have more opportunities to attract funds from the United States and even the world. 3. Strengthen the institutionalized connection between Taiwan and other countries: The signing of the Taiwan-US trade agreement will not only help me to join the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership), expand the international space, but also allow Taiwan to have More opportunities to deepen institutionalized links with other countries. 4. Strengthen the market economy system, both sides can work together to enhance our country’s ability to face non-market policies and actions.”

The statement from Taipei also said: “In the past two months, the relevant government units have carried out many sand table exercises, and prepared various plans to face this negotiation according to the international trend. It is believed that the signing of the future agreement will have the Help our country strengthen and deepen its economic and trade relations with the United States.”

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The United States and Taiwan announced on June 1 their intention to develop what Washington calls an “ambitious line of negotiation” under the framework of the U.S.-Taiwan 21st Century Trade Initiative.

At present, the situation in the Taiwan Strait is highly tense. Earlier this month, Nancy Pelosi, the speaker of the U.S. House of Representatives, visited Taiwan, prompting a backlash from Beijing. China has restricted trade with Taiwan and has held large-scale military exercises in the waters surrounding Taiwan.

On Friday (August 12), White House Asia-Pacific coordinator Kurt Campbell criticized China for “overreacting” and called Beijing’s actions “provocative, destabilizing and unprecedented.” He said at the time that the United States would conduct freedom of navigation and overflight operations in the Taiwan Strait in the coming weeks and would boost trade with Taiwan. Taiwan’s foreign ministry expressed its “sincere thanks” to the United States for taking “concrete steps” to maintain security in the region at a time of heightened tensions across the Taiwan Strait.

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