MOFA welcomes US act supporting initial Taiwan-U.S. trade pact

2023/07/21

The U.S.-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act passed by the U.S. Senate is sincerely appreciated by the government and people of Taiwan, the Ministry of Foreign Affairs said July 19.
 
Passed July 18 with unanimous consent, the measure imposes negotiation requirements for future agreements under the initiative. These include that the U.S. Trade Representative must share U.S. negotiating texts with Congress in advance and must send on Taiwan’s negotiating texts within three days of receipt, as well as provide daily briefings to certain members of Congress.
 
The MOFA said the act aims to ensure that bilateral trade relations and future pacts inked by the two sides will receive firm, reliable support from the legislature.
 
The measure was sponsored by Rep. Jason Smith, chair of the House Ways and Means Committee, who announced it in cooperation with Sen. Ron Wyden, chair of the Senate Finance Committee, along with other members of Congress. It was passed by the U.S. lower house June 21 and now awaits President Joe Biden’s approval.
 
According to the MOFA, the speed with which the act was passed demonstrates the great importance Congress attaches to the trade initiative, as well as its staunch support for strengthening ties with Taiwan. The ministry will continue to work with the Executive Yuan’s Office of Trade Negotiations and U.S. administrative and legislative bodies to enhance the two countries’ partnership, it added.
 
Concluded June 1 in Washington, the first agreement under the U.S.-Taiwan Initiative on 21st-Century Trade enumerated such areas of bilateral collaboration as anti-corruption, customs administration and trade facilitation, good regulatory practices, services domestic regulation, and the development of small- and medium-sized enterprises.


Source: Taiwan Today (https://taiwantoday.tw/index.php)