Mon, 02 Oct 2023

Taiwan, U.S. to sign first deal under new trade framework

Robert Besser
06 Jun 2023, 15:40 GMT+10

TAIPEI, Taiwan: Taiwan and the United States are set to sign the first deal under a new trade framework, marking a significant step in strengthening their ties.

The trade talks, initiated through the U.S.-Taiwan Initiative on 21st Century Trade, were launched last August after Taiwan was excluded from the larger Indo-Pacific Economic Framework.

The agreement, to be signed in Washington, focuses on customs and border procedures, regulatory practices, and small businesses. Future negotiations will cover areas such as agriculture, digital trade, labor and environmental standards, state-owned enterprises, and non-market policies.

While an agreement is not expected to impact tariffs, it aims to expand economic cooperation and bolster Taiwan's resilience against economic pressure from China.

Notably, Beijing has consistently opposed such engagements, asserting its claim over Taiwan. Despite this, Taiwan remains firm in rejecting China's sovereignty claims, which have been accompanied by increased military activities in the region.

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