U.S. and Taiwan are planning a formal trade conversation under the new initiative

US and Taiwan are planning a formal trade conversation under the new initiative

August 19, 2022: -On Wednesday, the United States and Taiwan agreed to start trade talks under a new initiative, which says they wanted to reach agreements with “economically meaningful outcomes,” in another sign of stepped-up U.S. aid for the island.

Washington and Taipei revealed the U.S.-Taiwan Initiative on 21st-Century Trade in June, just after the Biden administration excluded the Chinese said island from its Asia-focused economic plan to counter China’s growing power.

The office of the U.S. Trade Representative added that the two sides had “reached consensus on the which negotiates mandate,” and it was expected that the first round of talks would take place early this autumn.

“We plan to get an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas which negotiate mandate that will help create a fairer, more prosperous, and resilient 21st-century economy,” Deputy U.S. Trade Representative Sarah Bianchi said in a report.

The negotiating mandate and announcement said the United States and Taiwan had set a robust plan for talks on trade facilitation and good regulatory practices, which removes discriminatory trade barriers.

It said the start of the formal talks would be to reach agreements with “high standard commitments and economically meaningful outcomes.”

It did not mention the possibility of a broad free trade deal, which Taiwan has been trying.

Despite the formal diplomatic ties, Washington has been keen to bolster support for Taiwan, particularly as it faces stepped-up political pressure from China to accept its sovereignty claims.

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U.S. and Taiwan are planning a formal trade conversation under the new initiative
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U.S. and Taiwan are planning a formal trade conversation under the new initiative
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United States and Taiwan agreed to start trade talks under a new initiative, which says they wanted to reach agreements
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