TAIPEI (Taiwan News) – The Taiwan Relations Act enabled the “stunning evolution” of Taiwan’s democracy, economy, and social system into the envy of the world, the American Institute in Taiwan said Friday, marking the act’s 47th anniversary.

The measure was enacted on April 10, 1979, but was made retroactive to Jan. 1 of the same year, when US President Jimmy Carter ended official diplomatic relations with Taiwan in favor of China.

In a Facebook post Friday, AIT said the act “affirmed the strategic importance of Taiwan and strengthened the United States’ longstanding commitment to ensuring peace, stability, and prosperity in the Indo-Pacific region.”

The Taiwan Relations Act also helped preserve peace and stability in the Taiwan Strait for the past 47 years, the statement said. Mentioning the future, AIT said the US will continue to advance “security, economic, technological, and people-to-people ties with Taiwan.”

President Lai Ching-te (賴清德) said Friday that the Taiwan Relations Act reflects the strength of bilateral ties and the shared values of democracy and freedom.