The United States and Taiwan have announced the first phase of their “21st Century” trade initiative, which includes customs and border procedures, regulatory practices, and small business. Negotiations on more complex trade areas will begin after the initial agreement is signed. The trade agreement is seen as historically significant and will strengthen economic ties between the US and Taiwan. The agreement aims to make it easier for American businesses to export goods to Taiwan and increase opportunities for fair competition. The anti-corruption clauses address issues such as money laundering and barring foreign public officials from entering the country. The text pertaining to SMEs is intended to encourage foreign direct investment and financing.
On Tuesday, the United States and Taiwan signed a historic trade deal – the first part of the ’21st Century’ trade pact.
This agreement is a milestone in relations between the two countries and will open up new opportunities for trade and investment. It marks a major advancement in bilateral cooperation and a deepening of their partnership.
The signing ceremony took place in Taipei and was attended by top US and Taiwanese officials, including US Trade Representative Robert Lighthizer, US Secretary of State Mike Pompeo, and Taiwanese President Tsai Ing-wen.
The deal is the first part of the ’21st Century’ trade pact, which is aimed at liberalizing trade and investment between the two countries. Under the agreement, US companies will be able to invest in Taiwan’s transportation, telecommunications, energy, and agriculture industries.
The agreement also eliminates tariffs on certain US industrial products, including precious metals, motor vehicles, and electronics. It also includes a ‘digital commerce’ component that will allow US firms to do business in the digital economy.
The signing of this agreement is a clear sign that the US and Taiwan are both committed to further enhancing their economic relationship. With this agreement, the two countries have taken a giant step forward – and have laid the groundwork for even closer economic ties in the future.
The US and Taiwan now have an opportunity to build on the success of this historic trade deal and to continue deepening their partnership. This could pave the way for even larger pacts in the years ahead – bringing more economic freedom and prosperity to both countries.
