U. S. to increase trade with Taiwan
2023.01.17 11:55
U. S. to increase trade with Taiwan
By Ray Johnson
Budrigannews.com – According to the U.S. Trade Representative’s office, trade facilitation, anti-corruption, small and medium-sized enterprises, and regulatory practices were all agreed upon at the conclusion of four days of trade negotiations between Taiwan and the United States on Monday.
In a statement, the U.S. Trade Representative (USTR) said that the two sides exchanged texts on those topics during the first major negotiating round of the U.S.-Taiwan Initiative on 21st Century Trade in Taipei.
According to USTR, “Officials also reached consensus in a number of areas” and “promised to maintain an ambitious negotiating schedule in the coming months to continue this momentum.”
According to a Taiwan official, the talks, which do not include any tariff reductions or traditional market access enhancements, aim to reach agreements with outcomes that are “economically meaningful” and will discuss China’s “economic coercion.” Taiwan was left out of a larger U.S. trade initiative that also addressed non-tariff issues and included countries in the Indo-Pacific last year.
The United States Trade Representative (USTR) stated that the trade documents that were exchanged during the Taipei negotiating round “follow through on the two sides’ shared commitment to pursue a high-ambition trade initiative” and would “strengthen and deepen economic and trade ties.”
The USTR statement said that the next round of negotiations would be announced at a later time but did not specify a date.
Although USTR stated that congressional staff attended the meetings and were briefed by USTR officials throughout the talks, any agreements reached between the United States and Taiwan would not require approval from the U.S. Congress.
