US kicks off trade talks with Taiwan

A market in Taiwan – Photo: BLOOMBERG

According to AFP news agency, Deputy US Trade Representative Sarah Bianchi and Taiwan’s top trade negotiator John Deng exchanged online on June 1.

After the meeting, the two sides announced that the US and Taiwan would launch the trade negotiation process, under the framework of the US-Taiwan Initiative on 21st Century Trade. The two sides will quickly map out a roadmap for the initiative. this in the coming weeks.

The first meeting of the new initiative will be held in Washington at the end of June, covering customs procedures and regulations, rules governing agricultural trade, workers’ rights. and the fight against “harmful non-market policies”.

“Both sides will work rapidly to develop an ambitious roadmap for negotiations, aiming to reach agreement with high-standard commitments and economically meaningful outcomes,” said the Trade Representative. US Trade Katherine Tai said.

A US administration official said the goal of the initiative was to reach a “highly binding, framework agreement”, but did not specify a timeframe for reaching an agreement.

The US-Taiwan bilateral initiative is somewhat similar to the Indo-Pacific Economic Framework for Prosperity (IPEF), which aims to deepen trade ties between the US and other countries. such as Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam.

IPEF focuses on important issues such as trade, supply chains, climate change and anti-corruption.

The US did not invite Taiwan to join the IPEF. Analysts say other countries will be hesitant to include Taiwan as it could anger Beijing.

Like the IPEF, the Taiwan initiative will not need congressional approval because it does not include market access or tariff reduction requirements.

China claims sovereignty over Taiwan and opposes the island’s participation in international forums.

Taiwan is the 10th largest export market for the US and is an important source of semiconductors that are in short supply globally.