US Formalizes Trade Talks with Taiwan... "First Round to be Held This Fall"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyemin] The United States and Taiwan will begin official negotiations this fall to strengthen their trade relationship.

The U.S. Trade Representative (USTR) announced this plan in a statement on the 17th (local time).

According to the statement, the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO) will hold the first round of trade negotiations this fall. These two organizations serve as de facto embassies for the two sides, which do not have formal diplomatic relations.

This official negotiation is an extension of the agreement made in June to launch the economic dialogue framework called the "U.S.-Taiwan Initiative on 21st Century Trade." The USTR selected 11 areas for detailed discussions, including trade facilitation, establishing anti-corruption standards, eliminating discriminatory trade barriers, and expanding digital and agricultural trade.

The Office of Trade Negotiations (OTN) of Taiwan also issued a separate statement regarding the bilateral talks, stating, "The goal is to promote agricultural trade and assist small and medium-sized enterprises in entering the U.S. market," and added, "We will attract funds and technology from the United States and countries around the world."

Daniel Kritenbrink, U.S. Assistant Secretary of State for East Asian and Pacific Affairs, said in a briefing after the USTR announcement, "The 21st Century Trade Initiative is designed not only to increase trade volume and cooperation but also to secure resilient and secure supply chains between the two sides."