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Taiwan's AIIB bid will not affect trade talks with U.S.: minister

Taiwan's AIIB bid will not affect trade talks with U.S.: minister

Taipei, April 2 (CNA) Taiwan's efforts to join the China-led Asian Infrastructure Investment Bank (AIIB) as a founding member is unlikely to have any effects on its upcoming new round of trade and investment talks with the United States, an official said Thursday. Economics Minister John Deng (???)dismissed such concerns, saying the Foreign Ministry had notified the U.S. before it submitted its application Tuesday and that the U.S. had responded that it respected Taiwan's decision. However, the minister said the ninth round of Taiwan-U.S. talks under the bilateral Trade and Investment Framework Agreement (TIFA) is not likely to take place in Taipei this month, as expected. Deng said the U.S. is busy with negotiations on the Trans-Pacific Partnership (TPP) free trade pact and the passage of the Trade Promotion Authority (TPA) legislation, which is seen as an important step to speed up free trade deals. There have been concerns that Taiwan's bid to become a founding member of the AIIB might affect the TIFA talks and hurt the country's chances of participating in the TPP negotiations, as the U.S. has expressed reservations about the governance of the AIIB and other issues. The AIIB is also seen as a challenge to U.S.-backed institutions such as the World Bank. The TIFA talks are a major channel for Taiwan and U.S. authorities to communicate on trade issues, settle trade disputes, and push trade and investment cooperation. The talks were first held in Washington, D.C. in 1995 until the sixth round in 2007, after which they were suspended due to a controversy over U.S. beef imports containing the drug ractopamine. The TIFA talks resumed in March 2013 after Taiwan lifted its ban on U.S. beef with ractopamine residues. (By Huang Chiao-wen and Scully Hsiao)


Updated : 2021-09-23 23:58 GMT+08:00