1st Taiwan-U.S. Initiative for 21st Century Trade pact takes effect

2024/12/12

The first agreement under the Taiwan-U.S. Initiative for 21st Century Trade went into effect Dec. 10, reflecting the rock-solid partnership between the two sides while paving way for further cooperation.
 
According to the Executive Yuan’s Office of Trade Negotiations, at a time when the world is facing supply chain shifts and uncertainties such as the ongoing Ukraine-Russia war and confrontations in the Middle East, the milestone development will help Taiwan strengthen its relationships with key economic and trade partners.
 
Signed in June 2023, the agreement includes commitments on anti-corruption, customs administration and trade facilitation, good regulatory practices, services domestic regulations, and small- and medium-sized enterprises.
 
Under the pact, the two sides will establish committees to monitor issues of concern and discuss implementation of related initiatives, as well as setting up SME Dialogues, among other measures, to ensure timely communication for mutually beneficial results, the OTN said.
 
In a Dec. 9 press release issued by the Office of the U.S. Trade Representative, USTR Amb. Katherine Tai thanked Taiwan counterparts and described the agreement as an important step forward in strengthening the bilateral economic and trade relationship.
 
Launched in June 1, 2022, the trade initiative seeks to forge a roadmap to economic and trade agreements with high-standard commitments. According to Tai, the two sides have also been making progress on a second agreement addressing additional trade issues in agriculture, the environment and labor. 


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