Taiwan, US sign deal to boost trade amid China threat

Amid growing threats from China, the US and Taiwan signed a trade deal on Thursday to further deepen economic cooperation between the two nations. The deal called the US-Taiwan Initiative on 21st-Century Trade, aims at boosting trade by streamlining customs checks, improving regulatory procedures as well as establishing an anti-corruption mechanism. Washington and Taipei manage to maintain unofficial diplomatic relations via a de-facto US Embassy in Taiwan. The US has always backed Taiwan as China claims it as part of its own territory. the first agreement under the new deal was signed by representatives of the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States, said the US Trade Representative’s (USTR) press office on Thursday. USTR spokesperson Sam Michel said that the pact is “intended to strengthen and deepen the economic and trade relationship” between both sides. Deputy US Trade Representative Sarah Bianchi attended the signing ceremony, he said. “We thank our Taiwan partners for helping us reach this important milestone and look forward to upcoming negotiations on additional trade areas set forth in the initiative’s negotiating mandate,” Michel said. ‘A new beginning’ Ahead of Thursday’s ceremony to ink the deal, cabinet spokesman Alan Lin said, “The deal that will be signed tonight is not only very historic but also signals a new beginning.” “Relevant tasks are yet to be completed…. Taiwan will continue to move towards a comprehensive FTA (free trade agreement) with the United States to ensure Taiwan’s economic security,” he added. Meanwhile, the government in Taiwan has hailed the deal as the “most comprehensive trade agreement” that the country has signed with Washington since 1979. China warned Washington earlier on Thursday against signing any pact “with connotations of sovereignty or of an official nature with China’s Taiwan region.” The United States “must not send the wrong signals to Taiwan independence forces in the name of trade,” foreign ministry spokeswoman Mao Ning told a media briefing. With inputs from AFP Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook_,_  Twitter and  Instagram_._