Premier Su Tseng-chang said Aug. 18 that the negotiating mandate for the Taiwan-U.S. Initiative on 21st Century Trade marks a breakthrough in bilateral trade relations.
The milestone will boost global confidence in Taiwan as an investment destination and underscores the importance the government places on labor rights and environmental protection, Su said.
The positive development also bodes well for Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and expand the country’s presence in global trade, he added.
According to Cabinet-level Office of Trade Negotiations, Taipei and Washington have decided to commence formal negotiations under the initiative with commitments to high standards and meaningful economic outcomes.
The OTN said areas to be addressed include agriculture, anticorruption, digital trade, environment, good regulatory practices, labor, non-market policies and practices, small and medium enterprises, standards, state-owned enterprises and trade facilitation.
While the negotiations will not include tariffs, the OTN said they will help bolster Taiwan’s overall economic prowess, enhance two-way investment and trade ties, expand and institutionalize the country’s links with the rest of the world and promote market economy.
According to the Office of the U.S. Trade Representative, the first round of negotiations is expected to take place early this fall.
In a tweet on its official Twitter account, the Ministry of Foreign Affairs said “#Taiwan & the #US are ready to commence formal negotiations under our joint 21st-century trade initiative. We welcome this opportunity to deepen economic collaboration between our 2 freedom-loving countries while shaping a new model for trade cooperation in the #IndoPacific.” (SFC-E)
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