MOFA thanks Biden for approval of Taiwan-US trade pact

2023/08/10

The U.S.-Taiwan Initiative on 21st-Century Trade First Agreement Implementation Act signed into law Aug. 7 by U.S. President Joe Biden is sincerely welcomed by the government and people, the Ministry of Foreign Affairs said.
 
The bill establishes 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 during negotiating rounds.
 
In the White House statement, Biden added a proviso that if requirements of section seven of the act infringe upon his constitutional authority to negotiate with a foreign partner, his administration will treat them as non-binding.
 
According to the MOFA, the agreement marks a milestone for Taiwan-U.S. economic ties, and the great importance the current administration and Congress attach to the trade initiative is deeply appreciated. Both countries share similar values, the ministry said, adding that they will continue to negotiate under the initiative to jointly deepen trade relations and enhance the bilateral partnership.
 
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)