The Taiwan-U.S. Initiative on 21st-Century Trade was launched June 1 during a virtual meeting involving Minister without Portfolio John C. C. Deng and Deputy U.S. Trade Rep. Sarah Bianchi.
According to the Ministry of Foreign Affairs, the initiative encompasses key areas such as harnessing the benefits of the digital economy, facilitating trade, enhancing regulatory practices, supporting small and medium enterprises, advancing environmental and climate action, and promoting standards, non-market practices and policies, the MOFA said.
The initiative follows a physical meeting between Deng and U.S Trade Rep. Katherine Tai at the Asia-Pacific Economic Cooperation Minsters Responsible for Trade Meeting May 20 in Thailand, the ministry said. It paves the way for further strengthening of the robust Taiwan-U.S. economic relationship, as well as bringing the country’s related laws, policies and regulations more in line with global standards, the MOFA added.
Taiwan-U.S. trade ties are going from strength to strength, the ministry said, citing resumed Bilateral Trade and Investment Framework Agreement talks, the second Economic Prosperity Partnership Dialogue and establishment of the Technology Trade and Investment Collaboration framework.
The MOFA said the initiative’s first meeting will be staged later this month in Washington under the auspices of the Taipei Economic and Cultural Representative Office in the U.S and American Institute in Taiwan.
In a tweet on its official Twitter account, the ministry said “The #Taiwan-#US Initiative on 21st-Century Trade is a go! The potential-laden undertaking promises to deepen economic & trade ties, advance joint interests centered on shared values, & promote innovation & inclusive growth. Learn more via @USTradeRep.” (DL-E)
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