US, Taiwan commence formal trade talks under new initiative

Washington: The US and Taiwan on Wednesday have started formal negotiations under a trade initiative to deepen the trade and investment relationship, in another move to support the island country. Revealing a negotiating mandate for the US-Taiwan Initiative on 21st Century Trade announced on 1 June, Deputy US Trade Representative Sarah Bianchi said, “Today, we begin negotiations with Taiwan under the auspices of AIT and TECRO that will deepen our trade and investment relationship, advance mutual trade priorities based on shared values, and promote innovation and inclusive economic growth for our workers and businesses.” The office of the US Trade Representative in a statement said that the first rounds of negotiations are expected to take place “early this fall.” “We plan to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas in the negotiating mandate that will help build a fairer, more prosperous and resilient 21st-century economy,” Bianchi said in the statement. Both the countries, under the auspices of AIT and TECRO, have set the agenda for negotiations on trade facilitation, good regulatory practices, strong anti-corruption standards, enhancing trade between our small and medium enterprises, deepening agriculture trade, removing discriminatory barriers to trade, digital trade, robust labour and environmental standards, as well as ways to address distortive practices of state-owned enterprises and non-market policies and practices. According to the statement, the US will continue to consult with Congress and key stakeholders like labour, business, environmental groups, and others throughout the negotiations. On 1 June, 2022, under the auspices of AIT and TECRO, the United States and Taiwan announced their intent to develop an ambitious roadmap for negotiations under the US-Taiwan Initiative on 21st-Century Trade. This new trade relationship seems to be like adding fuel to the US-China deteriorating relationship. Earlier, State Department spokesperson Ned Price, Wednesday, said the US will continue to take steps that are resolute but also calm to uphold peace and stability in the face of Beijing’s ongoing efforts to undermine the status quo of Taiwan. “These steps across a range of areas will unfold over the coming weeks and months because we recognize that this challenge is long-term,” Price said during a press briefing. He said the United States expects China to continue “military intimidation and coercive economic tactics” against Taiwan in the coming weeks. Price added that China has maintained a heightened military air and maritime posture around Taiwan despite the end of exercises. Furthermore, the State Department spokesperson said any US moves to counter China’s activity around Taiwan will be consistent with the One China policy, the Taiwan Relations Act, and other measures. Last week, a new delegation of US lawmakers visited Taiwan, less than two weeks after Pelosi’s visit to the self-ruled island angered China and set off large-scale military drills in the Taiwan Strait. On Tuesday, China staged military exercises in five areas of the South China Sea off the coast of the southeastern Guangdong province. Several zones of the Yellow Sea are also involved in the ongoing drills on 17-19 August. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.