TAIPEI (Taiwan News) — Taiwan and the U.S. on Thursday (June 1) inked an agreement under the U.S.-Taiwan Initiative on 21st Century Trade framework.
Taiwan's envoy to the U.S. Hsiao Bi-khim (蕭美琴) and Ingrid D. Larson, managing director of the American Institute in Taiwan (AIT), signed the "First Agreement" at AIT headquarters in Washington, D.C. The signing ceremony was witnessed by Minister Without Portfolio John Deng (鄧振中), Deputy U.S. Trade Representative Sarah Bianchi, and AIT Chair Laura Rosenberger.
The First Agreement covers five topics including: customs administration and trade facilitation, good regulatory practices, domestic regulation of services, anti-corruption practices, and small and medium-sized enterprises. The deal does not include tariff reductions or exemptions but rather lays out practices and procedures meant to streamline and strengthen bilateral trade ties.
John Deng, Hsiao Bi-khim, Ingrid D. Larson, Sarah Bianch, and Laura Rosenberger. (Office of Trade Negotiations photo)
Negotiations will now commence on more complex trade areas such as labor, environmental standards, agriculture, digital trade, environmental standards, state-owned enterprises, and non-market policies and practices. In a statement, United States Trade Representative (USTR) Sam Michel said the agreement is meant to "strengthen and deepen the economic and trade relationship between the United States and Taiwan."
The signing of the agreement comes a year after the U.S.-Taiwan Initiative on 21st-Century Trade started in June 2022. Taiwan and U.S. trade teams held the first round of negotiations in New York in November of last year and another meeting was held in Taipei in January.
On her Twitter account, Hsiao Bi-khim wrote that she was honored to sign the "milestone agreement." She said that this was possible thanks to the commitment to high standards by USTR and Taiwan negotiators.
Such an honor to represent Taiwan in signing this milestone agreement of the US-Taiwan Initiative on 21 Century Trade. Thanks to the commitments of both USG USTR and Taiwan negotiators to high standards, look forward to deepening trade. pic.twitter.com/HmSpBKbDwr
— Bi-khim Hsiao 蕭美琴 (@bikhim) June 1, 2023
