TAIPEI: The first agreement signed under a trade initiative between Taiwan and the United States will come into force on Tuesday (Dec 10), both governments announced, as Taipei hopes a raft of ongoing talks will eventually lead to a free trade deal.
Taiwan was excluded from the US-led Indo-Pacific Economic Framework, part of the Biden administration’s effort to counter what it says is Beijing’s increasing economic and military coercion in the region, when it was set up in 2022.
But the United States then set up the US-Taiwan Initiative on 21st Century Trade, which joined the US-Taiwan Economic Prosperity Partnership Dialogue and Technology Trade and Investment Collaboration Framework the two sides have.
In a statement, United States Trade Representative Katherine Tai said the first agreement under the 21st Century Trade initiative that will come into force covers areas including anti-corruption, customs administration and trade facilitation, and small and medium-sized enterprises.
“The entry into force of the first agreement under our 21st Century Trade Initiative represents an important step forward in strengthening the US-Taiwan economic and trade relationship,” she said.
Taiwan’s Office of Trade Negotiations said in a separate statement the agreement showed the “rock solid partnership” between Taiwan and the United States.
“Given the highly volatile global situation, it is of strategic significance for Taiwan to consolidate and expand its relationships with important economic and trade partners,” it said.
