US, Taiwan To Begin Formal Trade Negotiations Under New Bilateral Initiative

On Wednesday, the United States and Taiwan agreed to hold negotiations on a new bilateral trade initiative-- 'US.-Taiwan Initiative on 21st-Century Trade'. The formal negotiations will be held under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO). The negotiating mandate will set out the broad objectives shared by the two sides for the upcoming trade negotiations. Both countries have stated that this initiative will help them to deepen the trade and investment relationship, and promote innovation, and inclusive economic growth.

US-Taiwan to begin fresh negotiations under new bilateral trade initiative

Taking to Twitter, the United States Trade Representative informed that the first round of negotiations on the 'U.S.-Taiwan Initiative on 21st-Century Trade' is expected to take place early this fall. It is pertinent to mention that in June 2022, the United States and Taiwan announced their intent to develop an ambitious roadmap for negotiations under the U.S.-Taiwan Initiative on 21st-Century Trade.

America and Taiwan have set a robust agenda for negotiations on trade facilitation good regulatory practices, strong anti-corruption standards, enhancing trade between our small and medium enterprises, deepening agriculture trade, removing discriminatory barriers to trade, digital trade, etc.

Sarah Bianchi, Deputy United States Trade Representative said, “We plan to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas in the negotiating mandate that will help build a fairer, more prosperous, and resilient 21st-century economy.”  

(Image: AP)