Taiwan’s efforts to lift trade barriers by protecting intellectual property have been recognized by the United States Trade Representative, spotlighting the government’s willingness to work with its like-minded partners within the global rules-based order.
In the 2020 National Trade Estimate Report on Foreign Trade Barriers published March 31, USTR praised Taiwan for establishing a patent system covering biological medical products, calling the move “a promising step forward” for the pharmaceutical industry.
Other positive developments detailed in the report are actions taken to reduce software piracy and illicit streaming of copyright content as well as legal amendments allowing prosecutors to issue protective orders during investigations into theft of trade secrets.
Statistics from Taiwan’s Customs Administration under the Ministry of Finance reveal bilateral trade between the U.S. and Taiwan reached US$81.09 billion in 2019, an increase of 11.7 percent from the previous year. Of that total, exports to the U.S. amounted to US$46.27 billion, reflecting year on year growth of 17.16 percent.
According to the Ministry of Economic Affairs, in order to further boost relations with the country’s second largest trade partner, Taiwan will seek to address U.S. concerns regarding beef products, mutual recognition of organic certifications and foreign investment regulations. (TYT-E)
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