TAIPEI (Taiwan News) — After a five-year hiatus, Taiwan and the United States will resume trade talks under the Trade and Investment Framework Agreement (TIFA) on June 30, the American Institute in Taiwan (AIT) announced Friday (June 25).
In a news release, AIT said its outgoing director, Brent Christensen, and Taiwan's representative in Washington, D.C., Hsiao Bi-khim (蕭美琴), would open the digital video conference. Taiwan’s Office of Trade Negotiations and the Office of the U.S. Trade Representative will function as the chief consultants during the meeting, AIT added.
Since the two countries concluded the TIFA in 1994, a total of 10 rounds of talks have taken place, alternating between Taipei and Washington, with the most recent in 2016, CNA reported.
AIT described the TIFA as “the platform for advancing our mutual trade and investment interests,” with two-way trade in goods reaching almost US$91 billion (NT$2.54 trillion) in 2020 and cumulative bilateral foreign direct investment of more than US$47 billion.
AIT said it looks forward to “using the TIFA process to strengthen the strategic trade and investment partnership that exists between our two economies.” Taiwan is the 10th largest trading partner for the U.S., while the U.S. is Taiwan’s second-largest trading partner.
The resumption of trade talks was widely expected after Taiwan allowed the import of U.S. pork products containing residue of the leanness drug ractopamine in January.
