“This achievement is an important step toward strengthening the economic relationship between the US and Taiwan,” said US Trade Representative (USTR) Kathryn Tai.
Washington announced on Thursday that it had concluded negotiations with Taipei on a trade deal that would strengthen ties between the US and Taiwan economies, ahead of the one-year anniversary of the initiative, which is strongly criticized by China.
“This achievement is an important step toward strengthening economic relations between the United States and Taiwan,” US Trade Representative (USTR) Kathryn Tai said in a press release released by her office.
Citing progress on “mutual trade priorities,” he added that “we look forward to continuing these negotiations and finalizing a robust high-level trade agreement that addresses the urgent economic challenges of the 21st century.”
The US and Taiwan began bilateral trade talks in June 2022, defying China, which considers the island a province of its own and says there can be no formal relations between its government and foreign governments.
Taiwan’s minister in charge of trade relations, John Deng, had spoken at the time of a “historic” step.
Since then, tensions have skyrocketed, with Beijing repeatedly holding large-scale military drills around the island.
The trade agreement, which is expected to be signed within weeks, “will deepen the trade partnership and improve the flow of goods between the US and Taiwan to promote innovation and inclusive economic growth for workers and businesses.” ,” according to the USTR.
The goal is to export more American products to Taiwan, with “more transparent and streamlined regulatory processes,” which will “facilitate investment and economic opportunities in both markets, especially for small and medium-sized businesses,” the agency said in a statement. Mrs. Tai.
The US and Taiwan had created a “framework” for trade and investment in 1994.
Taipei also joined the World Trade Organization (WTO) in 2022, which has helped boost bilateral trade.
The US is de facto the island’s largest trading partner and largest arms supplier.
China sees with increasing displeasure the tightening of relations between the Taiwanese authorities and the US, which – despite not officially having diplomatic relations with it – supplies the island with plenty of military hardware.
Source :Skai
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