TAIPEI (Taiwan News) – The American Chamber of Commerce in Taiwan said the first agreement under the US-Taiwan Initiative on 21st Century Trade would significantly advance the countries’ economic relations. 

Effective Tuesday, the agreement emphasizes good regulatory practices, anti-corruption, customs administration, and facilitating trade. An AmCham survey last year found that many US businesses felt such an agreement was vital. 

In a press release, AmCham Chair Dan Silver commented: “We anticipate that the (good regulatory practices) chapter will foster sustained attention and public engagement in the rulemaking process, leading to a more transparent and predictable regulatory framework.” 

AmCham is providing further support as it awaits agreements from a second round of US-Taiwan Initiative on 21st Century Trade negotiations. 

“As a pertinent stakeholder, the Chamber hopes to be able to contribute the views of our membership to the review process,” Silver stated.