TAIPEI (Taiwan News) — Taiwan and the US will negotiate an agreement to address double taxation issues in the coming weeks, the US Department of the Treasury said Tuesday (Oct. 29).

The treasury department in a press release said the Biden-Harris administration is committed to working with Congress to approve the legislation for the final agreement. The agreement will benefit Taiwan and the US, it added.

“In particular, this action will support the CHIPS and Science Act’s aims of strengthening the resilience of the semiconductor supply chain, creating jobs, and incentivizing investments in semiconductor manufacturing facilities across the US,” the treasury department explained.

The Taiwan Ministry of Finance (MOF) said the US is one of Taiwan's major economic and trade partners, per CNA. The agreement will help eliminate tax barriers in bilateral investment and trade.

The finance ministry thanked the US government for taking steps to resolve the double taxation issue. Relevant Taiwanese ministries will continue to cooperate with the US Department of the Treasury and Congress to promote relevant legislation, it added.