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Taiwan signs accord to buy soybeans, corn from Minnesota

Taiwan signs accord to buy soybeans, corn from  Minnesota

Taipei, Sept. 23 (CNA) An agricultural delegation from Taiwan has signed a letter of intent with the representatives from a soybean and corn grower's association at a ceremony in Minnesota to purchase soybeans and corn from the U.S state. Wang Cheng-teng (???), a former deputy minister of Taiwan's Council of Agriculture, who led the 20-member delegation to the U.S., said at the signing ceremony Sunday that Taiwan is an important importer of U.S. agricultural products and that both sides have forged closer relations. Wang also expressed hope that the two countries will continue to strengthen cooperation in the areas of agriculture, economy and culture and that the U.S. will support Taiwan's bid to join the U.S. proposed Trans-Pacific Partnership (TPP) trade agreement. As of 2014, Taiwan was the seventh-largest market for U.S. agricultural products worldwide, making it one of the world's largest consumers of U.S. farm goods on a per-capita basis. Taiwan also ranked as the seventh-largest market for U.S. corn and the fifth-largest market for U.S. soybeans. Taiwan was also Minnesota's seventh-largest agricultural export market, according to Wang. Wang said his trip represented the 10th time Taiwanese officials have traveled to the United States to sign documents expressing their intent to buy American farm products. Taiwan and Minnesota have maintained sister state relations since 1984 and hope to enhance bilateral economic and trade ties, he added. During the visit to the U.S., the Taiwanese delegation has also signed similar letters of intent with representatives from Illinois and Iowa. During the trip, the Taiwanese delegation is expected to commit to buying 5 million metric tons of corn and 500,000 metric tons of related products, valued at US$1.23 billion, from American producers in 2016 and 2017, as well as 2.5 million-2.9 million metric tons of soybeans, valued at US$1.26 billion, according to Taiwan's representative office in the U.S. (By Evelyn Kao)

Updated : 2022-01-19 19:39 GMT+08:00