8.9 C
New York

U.S., Taiwan to start out formal trade talks under latest initiative

Published:

This photo taken on August 11, 2022 shows Taiwanese flags on a street lane as tourists walk past in Taiwan’s Kinmen islands. The USA and Taiwan on Wednesday agreed to start out trade talks under a latest initiative, saying they wanted to achieve agreements with “economically meaningful outcomes,” in one other sign of stepped up U.S. support for the island.

Sam Yeh | Afp | Getty Images

The USA and Taiwan on Wednesday agreed to start out trade talks under a latest initiative, saying they wanted to achieve agreements with “economically meaningful outcomes,” in one other sign of stepped up U.S. support for the island.

Washington and Taipei unveiled the U.S.-Taiwan Initiative on Twenty first-Century Trade in June, just days after the Biden administration excluded the Chinese-claimed island from its Asia-focused economic plan designed to counter China’s growing influence. 

The office of the U.S. Trade Representative said the 2 sides had “reached consensus on the negotiating mandate” and it was expected that the primary round of talks will happen early this autumn.

“We plan to pursue an ambitious schedule for achieving high-standard commitments and meaningful outcomes covering the eleven trade areas within the negotiating mandate that can help construct a fairer, more prosperous and resilient Twenty first-century economy,” Deputy United States Trade Representative Sarah Bianchi said in an announcement.

The negotiating mandate released together with the announcement said the US and Taiwan have set a sturdy agenda for talks on issues like trade facilitation, good regulatory practices, and removing discriminatory barriers to trade.

It said the beginning of the formal talks could be for the aim of reaching agreements with “high standard commitments and economically meaningful outcomes.”

It didn’t mention the opportunity of a broad free trade deal, which is something Taiwan has been pressing for.

Washington, despite the dearth of formal diplomatic ties, has been keen to bolster support for Taiwan, especially because it faces stepped up political pressure from China to simply accept its sovereignty claims.

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img