Taiwan and US Announce Bilateral Trade Negotiations
On Wednesday, the United States and Taiwan settled to start trade negotiations under a new initiative
The office of the United States Trade Representative announced that the Biden government would start formal trade talks with Taiwan weeks after the U.S. House Speaker Nancy Pelosi’s controversial visit. Additionally, the first round of negotiations will likely begin in early fall. Their talks will include digital trade, trade facilitation, and anti-corruption standards.
The US and Taiwan settled to start trade negotiations under a new initiative. They announced that they wanted to reach deals with economically meaningful outcomes, in another sign of stepped-up Washington support for the island.#USTaiwan#TradeTalks#Taiwan#UnitedStates#tradepic.twitter.com/Tg5tIWUIra
Relations between Washington and Beijing have been increasingly tense following the U.S. speaker’s visit. However, the U.S.-Taiwan initiative on 21st Century Trade was first revealed in June, with both nations now announcing that they had reached consent on the negotiating mandate. Sarah Bianchi, the Deputy U.S. Trade Representative, stated that the United States plans to follow an ambitious schedule to build a more prosperous, flexible, and fairer twenty-first-century economy.
In 2020, trade between the United States and Taiwan was worth approximately $106 billion. The announcement from Washington comes after Beijing launched its largest-ever military drills around Taiwan after Pelosi’s Taiwan visit earlier this month. Under the One China Policy, the United States recognizes and has official relations with China rather than Taiwan. However, it maintains strong unofficial ties with Taiwan, which include the continued sales of arms to the island to make its defense more robust.
Taiwan – the Self-governing Island
Taiwan is a self-ruled island that sees itself separate from mainland China. Instead, China sees Taiwan as its recreant territory that must be united with the mainland. On Thursday, Daniel Kritenbrink, the top United States diplomat for East Asia, said that increasing Chinese oppression threatens the stability and peace of the Taiwan Strait. Furthermore, he added that they would continue to take resolute steps to sustain peace in the face of current Chinese efforts to destabilize it and to support Taiwan in line with the long-standing U.S. policy.
Taiwan and US Announce Bilateral Trade Negotiations Source: Web
Sarah Bianchi’s statement said that the start of the official dialogs would be to reach deals with high-standard commitments and economically significant outcomes. However, it didn’t mention the prospect of a widened free trade agreement, which the island has been pushing for. The trade initiative between the United States and Taiwan was announced some weeks after Biden launched the Indo-Pacific Economic Framework in May, an agreement designed to counter Chinese influence in the region.
The United States and Taiwan, under the auspices of the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO), will commence formal negotiation on the U.S.-Taiwan Initiative on 21st-Century Trade.
— United States Trade Representative (@USTradeRep) August 18, 2022
