Taiwan and the United States are major economic partners, doing US$15 billion worth of trade in 2020 alone. Now, a new bilateral initiative aims to bring the two countries’ economies even closer together.
Senior government officials announced a breakthrough in economic ties with Washington on Wednesday: the US-Taiwan Initiative on 21st Century Trade.
Top trade negotiator John Deng says he has waited 30 years for this deal. He says he hopes the negotiating platform will help Taiwan and the US build even closer ties.
The initiative launches talks on topics ranging from facilitating trade to fighting corruption. If the two sides agree on a decision, they can sign a formal agreement. The US hasn’t offered to cut tariffs, but Taiwan officials see the initiative as a big step towards a free trade deal.
Deng says the US and Taiwan should commit to negotiating as quickly as possible. He says any points of disagreement can be left to decide later.
Washington’s move to strengthen ties with Taiwan comes at a time of tension between the US and China. But Taiwan officials are playing down the geopolitical angle.
Deng says he doesn’t want the initiative to become politicized. He says Taiwan and the US have long enjoyed close economic ties.
With the first talks taking place at the end of June, Taiwan is hoping the new initiative can lead the two countries to a much more lucrative deal.
Staś Butler, RTI News.