US, Taiwan agree to start trade talks under new initiative

 

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The US and Taiwan on Wednesday agreed to start trade talks under a new initiative, saying they wanted to reach agreements with “economically meaningful outcomes”, in another sign of stepped up US support for the island.

Washington and Taipei unveiled the US-Taiwan Initiative on 21st-Century Trade in June, just days after the Biden administration excluded the island from its Asia-focused economic plan designed to counter China’s growing influence.

The office of the US Trade Representative said the two sides had “reached consensus on the negotiating mandate” and it was expected that the first round of talks will take place early this autumn. “We plan to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas in the negotiating mandate that will help build a fairer, more prosperous and resilient 21st-century economy.”

The negotiating mandate said the US and Taiwan have set a robust agenda for talks on issues like trade facilitation, good regulatory practices, and removing discriminatory barriers to trade.