Taiwan-US trade consultation concludes in Taipei

TAIPEI, (Taiwan Today) – A negotiating round of the Taiwan-US Initiative on 21st-Century Trade concluded January 17 in Taipei City, with both sides pledging to continue expanding the already robust economic and trade ties.

Staged in-person under the auspices of the Taipei Economic and Cultural Representative Office in the US and American Institute in Taiwan, the event was convened by Yang Jen-ni, deputy trade representative of the Cabinet-level office of trade negotiations, and assistant US Trade Representative Terry McCartin.

According to the OTN, the US delegation comprised officials from more than 20 agencies, including the departments of state, the treasury, commerce and agriculture, and underscored the importance Washington attaches to trade relations with Taiwan.

During the four-day round, both sides exchanged views on proposed texts covering anti-corruption, good regulatory practices, services domestic regulation, small and medium enterprises, and trade facilitation. They also reached consensus in several areas and agreed to maintain an ambitious negotiating schedule in the months ahead.

The OTN expects discussions to lead to more expedited customs clearance and verification procedures, higher transparency and multiple cooperation platforms allowing the two sides to address trade and investment hurdles more efficiently.

Launched June 1, 2022, the trade initiative covers key areas such as the digital economy, trade facilitation, enhanced regulatory practices, environmental and climate action, promotion of standards, and the handling of nonmarket policies and practices.