The 11th Trade and Investment Framework Agreement Council meeting wrapped up June 30, paving the way for further strengthening of robust Taiwan-U.S. economic relations.
Led by Yang Jen-ni, deputy trade representative of the Cabinet-level Office of Trade Negotiations, and her counterpart Terrence J. McCartin from the Office of the U.S. Trade Representative, the talks saw the two sides exchange views on key issues of mutual concern.
According to the OTN, the daylong meeting focused on matters such as agriculture, environmental protection, digital trade, financial services, intellectual property rights, international cooperation, labor rights, medical devices, supply chains and trade facilitation.
In addition, the government’s efforts in promoting trade liberalization and reforming rules and regulations in line with global standards were highly commended by the U.S., the OTN said, adding that both sides expressed a desire for stronger and more consistent engagement going forward.
As part of joint efforts to continue enhancing the bilateral trade relationship, the OTN said Taiwan and the U.S. will convene several TIFA working groups in the future. Both sides also recognized the country’s role as a strategic U.S. partner in reforming the multilateral trading system, the office added.
In a tweet on its official Twitter account, the Ministry of Foreign Affairs said “#Taiwan & the #US set about deepening robust 2-way trade & investment relations at the 11th TIFA Council meeting. Fruitful dialogue delivered agreed goals of upping engagement & cooperation on an array of key issues while enhancing critical supply chain security & resilience.”
Official statistics reveal that Taiwan is the ninth largest trading partner of the U.S. and the North American nation its second biggest. Combined trade in goods reached nearly US$91 billion in 2020, with cumulative two-way foreign direct investment topping US$47 billion. (SFC-E)
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