Taiwan and the United States signed the Trade and Investment Framework Agreement (TIFA) back in 1994. The agreement provides a platform for the two sides to discuss trade and investment issues and conduct negotiations.
TIFA lists five areas of cooperation. They are a free trade agreement, a bilateral investment agreement, avoidance of double taxation, pharmaceuticals, and intellectual property rights.
The two sides held the first TIFA meeting in 1995. The meeting was initially presided over by bureau-level officials. The level was raised in 2004. Taiwan is now represented by its deputy economics minister, and the US by its deputy trade representative.
Between 1999 and 2001, discussions mainly focused on Taiwan’s accession to the World Trade Organization (WTO) and related legal issues.
TIFA talks between the two sides broke down in 2007 because of a dispute over US beef. That was when Taiwan banned the import of US beef over fears that it could cause mad cow disease.
The restriction was lifted in 2012, setting the stage for the resumption of TIFA talks in 2013.
Deputy US Trade Representative Robert Holleyman led a delegation to Taiwan on October 1, 2015 for the 9th round of TIFA talks. The two sides exchanged views on major trade issues relating to agriculture, pharmaceuticals and medical devices, intellectual property rights, and regional and multilateral trade.