Wednesday, June 7, 2023

US and Taiwan reach agreement on first part of “21st century” trade deal

WASHINGTON (Reuters) – The United States and Taiwan have reached a consensus on the first part of a so-called “21st century” trade deal, covering customs and border procedures, regulatory practices and small business operations, trade representatives said. (USTR) in Washington on Thursday.

The USTR said that after the signing of the initial agreement, negotiations would begin on other more complex areas of trade, such as agriculture, digital exchanges, labor and environmental standards, state-owned companies, and non-market policies and practices.

US Trade Representative Catherine Tai said in a statement that the agreement strengthens ties with Taiwan and shows that the two can work together to advance the business priorities of their peoples.

“We look forward to continuing these negotiations and finalizing a strong, high-level trade agreement that addresses the economic challenges of the 21st century,” Tai said.

The agreement is not expected to change tariffs on the goods, but supporters of the move say it would strengthen economic ties between the United States and Taiwan, open the Chinese-claimed island to more American exports and boost trade with Beijing. Will improve resistance to economic pressure. ,

China has reacted to Taiwan President Tsai Ing-wen’s recent engagements with high-ranking US politicians, including an April meeting with US House Speaker Kevin McCarthy.

The announcement of the trade deal comes just ahead of planned meetings between Chinese Commerce Minister Wang Wentao Tai and US Commerce Secretary Gina Raimondo.

Nation World News Desk
Nation World News Desk
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