Taiwan, U.S. to sign first deal under new trade framework

Source: Reuters
Date: 1st June 2023

Taiwan and the United States will sign the first deal under a new trade talks framework on 1st June 2023.

Taiwan and the United States started talks under what is called the U.S.-Taiwan Initiative on 21st-Century Trade last August after Washington excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework.

Taiwan’s Office of Trade Negotiations said in a brief statement the first agreement under the framework would be signed in Washington on Thursday morning U.S. time but gave no other details.

The U.S. Trade Representative’s office said Deputy United States Trade Representative would attend the event but also did not elaborate.

Last month, the two sides reached an agreement on the first part of their trade initiative, covering customs and border procedures, regulatory practices, and small businesses.

After the initial agreement is signed, negotiations will start on other, more complicated trade areas including agriculture, digital trade, labour and environmental standards, state-owned enterprises, and non-market policies and practices, the USTR has previously said.

The pact is not expected to alter goods tariffs, but proponents say it will strengthen economic bonds between the United States and Taiwan and open the island to more U.S. exports.

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